Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | RED ROCK RESORTS, INC. | ||
Entity Central Index Key | 1,653,653 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,597,769,485 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 69,220,321 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 46,964,413 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 231,465 | $ 133,776 |
Restricted cash | 3,279 | 2,377 |
Receivables, net | 48,730 | 43,547 |
Income tax receivable | 256 | 7,698 |
Inventories | 12,572 | 11,956 |
Prepaid gaming tax | 21,597 | 20,066 |
Prepaid expenses and other current assets | 19,373 | 11,401 |
Assets held for sale | 4,290 | 19,020 |
Total current assets | 341,562 | 249,841 |
Property and equipment, net | 2,542,111 | 2,438,129 |
Goodwill | 195,676 | 195,676 |
Intangible assets, net | 128,000 | 149,199 |
Land held for development | 177,182 | 163,700 |
Investments in joint ventures | 10,133 | 10,572 |
Native American development costs | 17,270 | 14,844 |
Deferred tax asset, net | 132,220 | 244,466 |
Other assets, net | 75,456 | 59,728 |
Total assets | 3,619,610 | 3,526,155 |
Current liabilities: | ||
Accounts payable | 21,626 | 30,710 |
Accrued interest payable | 10,611 | 15,841 |
Other accrued liabilities | 176,813 | 153,142 |
Current portion of payable pursuant to tax receivable agreement | 17 | 1,021 |
Current portion of long-term debt | 30,094 | 46,063 |
Total current liabilities | 239,161 | 246,777 |
Long-term debt, less current portion | 2,587,728 | 2,376,238 |
Deficit investment in joint venture | 2,235 | 2,307 |
Other long-term liabilities | 11,289 | 10,041 |
Payable pursuant to tax receivable agreement, net of current portion | 141,906 | 257,440 |
Total liabilities | 2,982,319 | 2,892,803 |
Commitments and contingencies (Note 22) | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 352,939 | 329,002 |
Retained earnings | 25,723 | 17,628 |
Accumulated other comprehensive income | 2,473 | 2,458 |
Total Red Rock Resorts, Inc. stockholders’ equity | 381,825 | 349,748 |
Noncontrolling interest | 255,466 | 283,604 |
Total stockholders’ equity | 637,291 | 633,352 |
Total liabilities and stockholders’ equity | 3,619,610 | 3,526,155 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 689 | 659 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Members’ equity: | ||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Members’ equity: | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 68,897,563 | 65,893,439 |
Common Stock, Shares, Outstanding | 68,897,563 | 65,893,439 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Members’ equity: | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 47,264,413 | 49,956,296 |
Common Stock, Shares, Outstanding | 47,264,413 | 49,956,296 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues: | |||
Casino | $ 1,048,355 | $ 960,992 | $ 922,154 |
Food and beverage | 298,707 | 270,619 | 251,235 |
Room | 176,585 | 142,858 | 122,888 |
Other | 93,695 | 74,208 | 69,728 |
Management fees | 118,477 | 111,520 | 88,859 |
Gross revenues | 1,735,819 | 1,560,197 | 1,454,864 |
Promotional allowances | (120,203) | (107,770) | (102,729) |
Net revenues | 1,615,616 | 1,452,427 | 1,352,135 |
Operating costs and expenses: | |||
Casino | 416,863 | 368,561 | 347,509 |
Food and beverage | 211,094 | 185,177 | 162,722 |
Room | 72,300 | 54,963 | 46,559 |
Other | 35,041 | 26,588 | 25,454 |
Selling, general and administrative | 379,246 | 325,694 | 327,857 |
Depreciation and amortization | 178,217 | 156,668 | 137,865 |
Write-downs and other charges, net | 29,584 | 24,591 | 10,679 |
Tax receivable agreement liability adjustment | (139,300) | 739 | 0 |
Related Party Lease Termination | 100,343 | 0 | 0 |
Asset impairment | 1,829 | 0 | 6,301 |
Total operating costs and expenses | 1,285,217 | 1,142,981 | 1,064,946 |
Operating income | 330,399 | 309,446 | 287,189 |
Income (Loss) from Equity Method Investments | 1,632 | 1,913 | 809 |
Operating income and earnings from joint ventures | 332,031 | 311,359 | 287,998 |
Other (expense) income: | |||
Interest expense, net | (131,442) | (140,189) | (144,489) |
Loss on extinguishment/modification of debt, net | (16,907) | (7,270) | (90) |
Change in fair value of derivative instruments | 14,112 | 87 | (1) |
Total other (expense) income | (134,237) | (147,372) | (144,580) |
Income before income tax | 197,794 | 163,987 | 143,418 |
Provision for income tax | (134,755) | (8,212) | 0 |
Income from continuing operations | 63,039 | 155,775 | 143,418 |
Discontinued operations | 0 | 0 | (166) |
Net income | 63,039 | 155,775 | 143,252 |
Less: net income attributable to noncontrolling interests | 27,887 | 63,808 | 5,594 |
Net income attributable to Red Rock Resorts, Inc. | $ 35,152 | $ 91,967 | $ 137,658 |
Earnings per common share (Note 21): | |||
Earnings Per Share, Basic | $ 0.52 | $ 1.03 | $ 1.53 |
Earnings per share of Class A common stock, basic | $ 0.42 | $ 1.03 | $ 1.53 |
Weighted average common shares outstanding: | |||
Basic | 67,397 | 34,141 | 9,888 |
Diluted | 115,930 | 34,285 | 9,888 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 63,039 | $ 155,775 | $ 143,252 |
(Loss) gain on interest rate swaps: | |||
Unrealized (loss) gain arising during period | (1,025) | 5,726 | (6,851) |
Reclassification into income | 658 | 4,973 | 8,548 |
(Loss) gain on interest rate swaps recognized in other comprehensive (loss) income | (367) | 10,699 | 1,697 |
(Loss) gain on available-for-sale securities: | |||
Unrealized gain (loss) arising during period | 8 | 135 | (102) |
Reclassification into income | (120) | 0 | (201) |
(Loss) gain on available-for-sale securities recognized in other comprehensive (loss) income | (112) | 135 | 99 |
Minimum pension liability adjustment, net | (165) | (5) | 0 |
Other comprehensive (loss) income, net of tax | (644) | 10,839 | 1,796 |
Comprehensive income | 62,395 | 166,614 | 145,048 |
Less: comprehensive income attributable to noncontrolling interests | 27,426 | 69,746 | 5,594 |
Comprehensive income attributable to Red Rock Resorts, Inc. | $ 34,969 | $ 96,868 | $ 139,454 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'/MEMBERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Common Class A [Member]Common Stock [Member] | Common Class B [Member]Common Stock [Member] | Station Holdco [Member] | Station Holdco [Member]Noncontrolling Interest [Member] | Station Holdco [Member]Controlling Members' Equity [Member] |
Balances at Dec. 31, 2014 | $ 644,117 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 26,174 | $ 617,943 | |
Shares, Outstanding at Dec. 31, 2014 | 0 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 143,252 | 5,594 | 137,658 | |||||||
Unrealized gain on interest rate swaps, net | 1,697 | 1,697 | ||||||||
Unrealized gain (loss) on available-for-sale securities | 99 | 99 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,796 | |||||||||
Share-based compensation | 6,772 | 6,772 | ||||||||
Distributions | (222,228) | (10,983) | (211,245) | |||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | |||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | |||||||||
Purchase of LLC Units from Continuing Owners—deemed distribution | 0 | |||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | |||||||||
Balances at Dec. 31, 2015 | 573,709 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | 20,785 | 552,924 | |
Shares, Outstanding at Dec. 31, 2015 | 0 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 155,775 | 28,316 | 60,801 | 3,007 | 63,651 | |||||
Unrealized gain on interest rate swaps, net | 10,699 | |||||||||
Unrealized gain (loss) on available-for-sale securities | 135 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 10,839 | 4,883 | 5,938 | 18 | ||||||
Share-based compensation | 3,965 | 1,975 | 1,448 | 542 | ||||||
Distributions | (87,450) | 3,567 | (83,883) | |||||||
Effects of the reorganization transactions | 0 | 538,537 | (5,285) | 20,225 | (20,225) | (533,252) | ||||
Issuance of Class A or Class B common stock (shares) | 29,512 | 80,562 | ||||||||
Issuance of Class A or Class B common stock | 531,950 | 531,654 | $ 295 | $ 1 | ||||||
Purchase of LLC Units from Continuing Owners — deemed distribution (shares) | (6,136) | |||||||||
Purchase of LLC Units from Continuing Owners — deemed distribution | $ (112,474) | (112,474) | ||||||||
Issuance of Class A common stock in exchange for units (shares) | 24,500 | 11,747 | ||||||||
Issuance of Class A common stock in exchange for units | $ 0 | (117) | $ 117 | |||||||
Purchase of Fertitta Entertainment — deemed distribution | (389,650) | (389,650) | ||||||||
Recognition of tax receivable agreement liability | (44,475) | (44,475) | ||||||||
Net deferred tax assets resulting from the reorganization transactions | 30,307 | 29,943 | 364 | |||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | (366,319) | 3,411 | 362,908 | ||||||
Distributions | (38,052) | 38,052 | ||||||||
Dividends | (10,688) | (10,688) | ||||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 171 | |||||||||
Issuance of restricted stock awards, net of forfeitures | 0 | (3) | $ 3 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 24,470 | (24,470) | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 128,143 | (128,387) | $ 244 | ||||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (213,247) | (213,247) | ||||||||
Deferred tax assets resulting from exchanges of noncontrolling interests | 223,000 | 223,000 | ||||||||
Repurchases of Class A common stock (shares) | (7) | |||||||||
Repurchases of Class A common stock | (157) | (157) | ||||||||
Purchase of LLC Units from Continuing Owners—deemed distribution | 0 | |||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 2,192 | (915) | (1,277) | ||||||
Balances at Dec. 31, 2016 | 633,352 | 329,002 | 17,628 | 2,458 | 283,604 | $ 659 | $ 1 | 0 | 0 | |
Shares, Outstanding at Dec. 31, 2016 | 65,893 | 49,956 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 63,039 | 35,152 | 27,887 | |||||||
Unrealized gain on interest rate swaps, net | (367) | |||||||||
Unrealized gain (loss) on available-for-sale securities | (112) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (644) | (183) | (461) | |||||||
Share-based compensation | $ 8,000 | 8,000 | 0 | |||||||
Issuance of Class A common stock in exchange for units (shares) | 2,700 | |||||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | |||||||||
Distributions | $ (38,290) | (38,290) | $ (26,500) | |||||||
Dividends | (27,057) | (27,057) | ||||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 188 | |||||||||
Issuance of restricted stock awards, net of forfeitures | 0 | (2) | $ 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 128 | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | 2,501 | 2,500 | $ 1 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,692 | (2,692) | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 14,660 | 228 | (14,915) | $ 27 | |||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (22,761) | (22,761) | ||||||||
Deferred tax assets resulting from exchanges of noncontrolling interests | 24,610 | 24,610 | ||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (882) | (882) | ||||||||
Repurchases of Class A common stock (shares) | (3) | |||||||||
Repurchases of Class A common stock | (93) | (93) | ||||||||
Purchase of LLC Units from Continuing Owners—deemed distribution | (4,484) | 2,850 | (7,334) | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (4,945) | (30) | 4,975 | ||||||
Balances at Dec. 31, 2017 | $ 637,291 | $ 352,939 | $ 25,723 | $ 2,473 | $ 255,466 | $ 689 | $ 1 | $ 0 | $ 0 | |
Shares, Outstanding at Dec. 31, 2017 | 68,898 | 47,264 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 63,039 | $ 155,775 | $ 143,252 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 178,217 | 156,668 | 137,865 |
Change in fair value of derivative instruments | (14,112) | (87) | 1 |
Reclassification of unrealized loss on derivative instruments into income | 1,176 | 5,066 | 8,548 |
Write-downs and other charges, net | 19,783 | 6,156 | 3,713 |
Tax receivable agreement liability adjustment | (139,300) | 739 | 0 |
Asset impairment | 1,829 | 0 | 6,301 |
Amortization of debt discount and debt issuance costs | 17,206 | 17,492 | 19,026 |
Interest—paid in kind | 0 | 2,130 | 4,254 |
Share-based compensation | 7,922 | 6,893 | 19,726 |
Settlement of liability-classified equity awards | 0 | (18,739) | 0 |
Earnings from joint ventures | (1,632) | (1,913) | (809) |
Distributions from joint ventures | 961 | 1,334 | 1,686 |
Gain(Loss) on Extinguishment of Debt (cash flow impact) | 16,907 | 7,270 | 90 |
Deferred income tax | 136,125 | 6,962 | 0 |
Changes in assets and liabilities: | |||
Restricted cash | (902) | (225) | 1,067 |
Receivables, net | (4,610) | (3,492) | 178 |
Interest on related party notes receivable | 0 | (247) | (722) |
Inventories and prepaid expenses | (6,999) | (510) | (2,389) |
Accounts payable | (1,184) | 8,934 | 4,954 |
Accrued interest payable | (5,148) | 2,460 | (1,461) |
Income tax payable/receivable, net | 7,790 | (8,250) | 0 |
Other accrued liabilities | 7,169 | 320 | 1,281 |
Other, net | 4,821 | 1,472 | 2,879 |
Net cash provided by operating activities | 289,058 | 346,208 | 349,440 |
Cash flows from investing activities: | |||
Capital expenditures, net of related payables | (248,427) | (162,377) | (129,925) |
Acquisition of land from related party | (23,440) | 0 | 0 |
Business acquisition, net of cash received | 0 | (305,886) | 0 |
Proceeds from asset sales | 1,045 | 11,094 | 26,329 |
Proceeds from repayment of related party note receivable | 0 | 18,330 | 500 |
Distributions in excess of earnings from joint ventures | 1,038 | 1,015 | 971 |
Native American development costs | (2,469) | (2,704) | (1,827) |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 585 | 0 | 0 |
Deposits and other, net | (9,985) | (3,568) | (2,321) |
Net cash used in investing activities | (281,653) | (444,096) | (106,273) |
Cash flows from financing activities: | |||
Borrowings under credit agreements with original maturity dates greater than three months | 805,592 | 1,872,500 | 55,000 |
Payments under credit agreements with original maturity dates greater than three months | (635,874) | (1,517,547) | (82,684) |
(Payments) borrowings under credit agreements with original maturity dates of three months or less, net | 0 | (53,900) | 20,000 |
Proceeds from Issuance of Senior Long-term Debt | 550,000 | 0 | 0 |
Early Repayment of Senior Debt | (500,000) | 0 | 0 |
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | 0 | 531,949 | 0 |
Payments of Capital Distribution | 0 | (112,474) | 0 |
Purchase of Fertitta Entertainment—deemed distribution | 0 | (389,149) | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | (18,776) | 0 | 0 |
Proceeds from Stock Options Exercised | 2,501 | 0 | 0 |
Distributions to members and noncontrolling interests | (38,290) | (125,502) | (222,228) |
Dividends | (26,980) | (10,645) | 0 |
Payment of debt issuance costs | (31,419) | (39,815) | (797) |
Payments on derivative instruments with other-than-insignificant financing elements | 0 | (10,831) | (8,947) |
Payments on other debt | (5,180) | (22,288) | (3,682) |
Purchase of LLC Units from Continuing Owners—deemed distribution | (4,484) | 0 | 0 |
Other, net | (6,806) | (7,257) | (6,522) |
Net cash provided by (used in) financing activities | 90,284 | 115,041 | (249,860) |
Cash and cash equivalents (including cash and cash equivalents of discontinued operations): | |||
Increase (decrease) in cash and cash equivalents | 97,689 | 17,153 | (6,693) |
Balance, beginning of year | 133,776 | 116,623 | 123,316 |
Balance, end of year | 231,465 | 133,776 | 116,623 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of $1,110, $0 and $0 capitalized, respectively | 118,519 | 116,314 | 122,103 |
Proceeds from Income Tax Refunds | (9,160) | ||
Cash paid for income taxes, net of refunds received | 9,500 | 0 | |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not yet paid | $ 39,673 | $ 21,375 | $ 19,886 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Costs Capitalized | $ 1,110 | $ 0 | $ 0 |
Organization and Background
Organization and Background | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Background Red Rock Resorts, Inc. (“Red Rock,” or the “Company”) was formed as a Delaware corporation in September 2015 to manage and own an equity interest in Station Casinos LLC (“Station LLC”). Station LLC, a Nevada limited liability company, is a gaming, development and management company that owns and operates ten major gaming and entertainment facilities and ten smaller casino properties ( three of which are 50% owned) in the Las Vegas regional market. Station LLC also manages a casino in Sonoma County, California on behalf of a Native American tribe. Station LLC managed a casino in Allegan County, Michigan on behalf of another Native American tribe through February 2018. The Company owns all of the outstanding voting interests in Station LLC and has an indirect interest in Station LLC through its ownership interest in Station Holdco LLC (“Station Holdco”), which owns all of the economic interests in Station LLC. In May 2016 , the Company completed its initial public offering (“IPO”) of approximately 29.5 million shares of Class A common stock, $0.01 par value per share, at an offering price to the public of $19.50 per share. The Company received proceeds from the IPO of approximately $541 million , net of underwriting discount, which was used to purchase newly issued limited liability company interests in Station Holdco (“LLC Units”) and outstanding LLC Units from existing members of Station Holdco. Station Holdco used the proceeds from the newly issued LLC Units to pay the majority of the purchase price of Fertitta Entertainment LLC (“Fertitta Entertainment”), a related party that managed Station LLC’s properties pursuant to management agreements. The reorganization transactions related to the IPO are referred to herein as the “Reorganization Transactions.” In connection with the IPO and the reorganization of its corporate structure, the Company: • Amended and restated its certificate of incorporation (as amended and restated, the “Certificate of Incorporation”) to provide for Class A common stock and Class B common stock, par value of $0.00001 per share; • Amended and restated the limited liability company agreements of both Station LLC and Station Holdco to, among other things, designate the Company as the sole managing member of Station LLC and Station Holdco; • Issued for nominal consideration one share of Class B common stock to LLC Unit holders for each LLC Unit held for an aggregate issuance of 80,562,666 shares of Class B common stock; • Issued 29,511,828 shares of Class A common stock and received proceeds of approximately $541 million , which is net of underwriting discount, and paid $4.9 million of offering costs; • Issued 10,137,209 shares of Class A common stock in connection with the merger of certain entities that own LLC Units (the “Merging Blockers”), of which 222,959 shares were withheld to pay withholding tax obligations of $4.1 million with respect to certain members of the Merging Blockers; • Issued, pursuant to the Red Rock Resorts, Inc. 2016 Equity Incentive Plan, 189,568 restricted shares of Class A common stock and options to purchase 1,687,205 shares of Class A common stock to certain of the Company’s executive officers, employees and members of its board of directors, and issued 1,832,884 restricted shares of Class A common stock to current and former employees of Station LLC in substitution for profit units issued by Station Holdco that were held by such current and former employees; • Purchased 6,136,072 LLC Units from certain LLC Unit holders using approximately $112.5 million of the net proceeds from the IPO at a price of $18.33 per unit, which was the price paid by the underwriters to the Company for Class A common stock in the IPO, and retired an equal number of shares of Class B common stock; • Acquired newly issued LLC Units using approximately $424.4 million of the net proceeds from the IPO; • Entered into an exchange agreement (the “Exchange Agreement”) with the LLC Unit holders pursuant to which they are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one -for- one basis or for cash, at the Company’s election; and • Entered into a tax receivable agreement with the LLC Unit holders, as described in Note 2 , that requires the Company to pay 85% of the amount of benefits it realizes as a result of (i) increases in tax basis resulting from the Company’s purchase or exchange of LLC Units and (ii) certain other tax benefits related to the tax receivable agreement, including tax benefits attributable to payments that the Company is required to make under the tax receivable agreement itself. At December 31, 2017 , the Company held approximately 59% of the economic interests in Station Holdco as well as 100% of the voting interest in Station LLC and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities. The Company is a subchapter C corporation subject to federal income taxes and state income taxes in California and Michigan. Acquisition of Fertitta Entertainment In May 2016, Station Holdco contributed $419.5 million of the proceeds from its newly issued LLC Units to Station LLC which used the proceeds, along with additional borrowings under its revolving credit facility, to acquire all of the outstanding membership interests of Fertitta Entertainment (the “Fertitta Entertainment Acquisition”) for $460 million , which included $51.0 million paid in satisfaction of Fertitta Entertainment’s term loan and revolving credit facility on the closing date, $18.7 million paid to settle Fertitta Entertainment’s liability-classified equity awards and $1.3 million in assumed liabilities. Prior to the Fertitta Entertainment Acquisition, Station LLC had long-term management agreements with affiliates of Fertitta Entertainment to manage its properties. In connection with the Fertitta Entertainment Acquisition, the management agreements were terminated and Station LLC entered into new employment agreements with its executive officers and other individuals who were employed by Fertitta Entertainment prior to the completion of the Fertitta Entertainment Acquisition. Prior to the Fertitta Entertainment Acquisition, Station Holdco, Station LLC and Fertitta Entertainment were controlled by brothers Frank J. Fertitta III, the Company’s Chairman and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman, who collectively held a majority of the voting and economic interests in these entities. The Fertitta Entertainment Acquisition constituted an acquisition of an entity under common control and was accounted for at historical cost in a manner similar to a pooling of interests. The Company recognized a deemed distribution of approximately $389.1 million to equity holders of Fertitta Entertainment, which represented the excess of the purchase price over the historical cost of the net assets acquired. The accompanying consolidated financial statements include the consolidation of Fertitta Entertainment for all periods presented. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Prior to the IPO, Red Rock had no operations or net assets. Red Rock’s predecessor for accounting purposes was Station Holdco, as combined with Fertitta Entertainment, and accordingly, the accompanying financial statements represent the combined financial statements of Station Holdco and Fertitta Entertainment for periods prior to the IPO. The amounts shown in the accompanying consolidated financial statements also include the accounts of MPM Enterprises, LLC (“MPM”), which is a 50% owned, consolidated VIE that managed a Native American casino in Allegan County, Michigan through February 2018. The financial position and results of operations attributable to third party holdings of MPM are reported within noncontrolling interest in the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. Investments in all other 50% or less owned affiliated companies are accounted for using the equity method. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on the previously reported net income. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements The Company accounts for certain assets and liabilities at fair value, and utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The accounting guidance for fair value measurements and disclosures also provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with an original maturity of 90 days or less. Restricted Cash Restricted cash consists of reserve funds for the Company’s condominium operations at Palms Casino Resort. Receivables, Net and Credit Risk Receivables, net consist primarily of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. At December 31, 2017 and 2016 , the allowance for doubtful accounts was $1.2 million and $2.3 million , respectively. Management believes there are no significant concentrations of credit risk. Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. Assets Held for Sale The Company classifies assets as held for sale when an asset or asset group meets all of the held for sale criteria in the accounting guidance for impairment and disposal of long-lived assets. Assets held for sale are initially measured at the lower of their carrying amount or fair value less cost to sell. At December 31, 2017 and 2016 , assets held for sale represented certain undeveloped land in Las Vegas. Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 7 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other charges, net. Assets recorded under capital leases are included in property and equipment and amortization of assets recorded under capital leases is included in depreciation expense and accumulated depreciation. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is highly dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, the Company accounts for the change prospectively. Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes (the “Tribes”). In accordance with the accounting guidance for real estate, costs for the acquisition and related development of land and the casino facilities are capitalized as long-term assets. The Company capitalizes interest on Native American development projects when activities are in progress to prepare the asset for its intended use. The assets are typically transferred to the Tribe when the Tribe secures third-party financing or the gaming facility is completed. Upon transfer of the assets to the Tribe, a long-term receivable is recognized in an amount equal to any remaining carrying amount that has not yet been recovered from the Tribe. The Company earns a return on the costs incurred for the acquisition and development of Native American development projects. The Company accounts for the return earned on Native American development costs using the cost recovery method described in the accounting guidance for real estate sales . In accordance with the cost recovery method, recognition of the return is deferred until the assets are transferred to the Tribe, the carrying amount of the assets has been fully recovered and the return is realizable. Repayment of the advances and the return typically is funded from the Tribe’s third-party financing, from the cash flows of the gaming facility, or both. The Company evaluates its Native American development costs for impairment whenever events or changes in circumstances indicate that the carrying amount of a project might not be recoverable, taking into consideration all available information. Among other things, the Company considers the status of the project, any contingencies, the achievement of milestones, any existing or potential litigation, and regulatory matters when evaluating its Native American projects for impairment. If an indicator of impairment exists, the Company compares the estimated future cash flows of the project, on an undiscounted basis, to its carrying amount. If the undiscounted expected future cash flows do not exceed the carrying amount, the asset is written down to its estimated fair value, which typically is estimated based on a discounted future cash flow model or market comparables, when available. The Company estimates the undiscounted future cash flows of a Native American development project based on consideration of all positive and negative evidence about the future cash flow potential of the project including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets primarily represent brands. The fair value of the Company’s brands is estimated using a derivation of the income approach to valuation, based on estimated royalties avoided through ownership of the assets, utilizing market indications of fair value. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its management contracts and customer relationships, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s management contract intangible assets represent the value associated with agreements under which the Company provides management services to various casino properties, primarily Native American casinos which it has developed. The fair values of management contract intangible assets were determined using discounted cash flow techniques based on future cash flows expected to be received in exchange for providing management services. The Company amortizes its management contract intangible assets over their expected useful lives using the straight-line method, beginning when the property commences operations and management fees are being earned. Should events or changes in circumstances cause the carrying amount of a management contract intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. The Company’s customer relationship intangible assets primarily represent the value associated with its rated casino guests. The initial fair values of customer relationship intangible assets were estimated based on a variation of the cost approach. The recoverability of the Company’s customer relationship intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. Impairment of Long-Lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. Derivative Instruments The Company uses interest rate swaps to hedge its exposure to variability in expected future cash flows related to interest payments. In accordance with the accounting guidance for derivatives and hedging activities, the Company records all derivatives on the balance sheet at fair value. The fair values of the Company’s derivatives are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The accounting for changes in fair value of derivative instruments depends on the intended use of the derivative and whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting. For derivative instruments that are not designated as cash flow hedges of forecasted interest payments, all changes in fair value of the derivative instruments are presented in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs. The Company classifies cash flows for derivative instruments not designated as cash flow hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are designated and qualify as cash flow hedges of forecasted interest payments, the Company defers the effective portion of the change in fair value of the derivative instruments as a component of other comprehensive (loss) income until the interest payments being hedged are recorded as interest expense, at which time the amounts in accumulated other comprehensive income are reclassified as an adjustment to interest expense. Gains or losses on any ineffective portion of the change in fair value of derivative instruments designated in cash flow hedging relationships are recorded in the period in which they occur as a component of Change in fair value of derivative instruments in the Consolidated Statements of Income . The Company classifies cash flows for derivative instruments accounted for as cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. Cash flows related to cash flow hedges that include other-than-insignificant financing elements at inception are classified as financing activities. Comprehensive Income Comprehensive income includes net income and other comprehensive (loss) income , which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’/Members’ Equity, and accumulated other comprehensive income is included in stockholders’ equity on the Consolidated Balance Sheets. Revenues and Promotional Allowances The Company recognizes the net win from gaming activities as casino revenues, which is the difference between gaming wins and losses. The Company recognizes liabilities for funds deposited by customers before gaming play occurs and for chips in the customers’ possession. Casino revenues are recognized net of discounts and certain incentives provided to customers under the Company’s player rewards program, such as cash back and free slot play. Food and beverage, hotel, and other operating revenues are recognized as the service is provided. Other revenues primarily include revenues from tenant leases, retail outlets, bowling, spas and entertainment. Rental income is recognized over the lease term and contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. Management fee revenue is recognized when the services have been performed, the amount of the fee is determinable and collectability is reasonably assured. Management fee revenue includes reimbursable costs, which represent amounts received or due pursuant to the Company’s management agreements with Native American tribes for the reimbursement of expenses, primarily payroll costs, that it incurs on their behalf. The Company recognizes reimbursable cost revenue on a gross basis, with an offsetting amount charged to operating expense. The retail value of complimentary goods and services provided to customers is recorded as revenue with an offsetting amount included in promotional allowances. The estimated departmental costs of providing such complimentary goods and services primarily are included in casino costs and expenses and consisted of the following (amounts in thousands): Year Ended December 31, 2017 2016 2015 Food and beverage $ 103,427 $ 95,906 $ 89,593 Room 10,261 6,761 6,216 Other 5,331 4,089 3,807 $ 119,019 $ 106,756 $ 99,616 Player Rewards Program The Company has a player rewards program (the “Rewards Program”) which allows customers to earn points based on their gaming activity and non-gaming purchases. Points may be redeemed at all of the Company’s Las Vegas area properties for cash, free slot play, food, beverage, rooms, entertainment and merchandise. The Company records a liability for the estimated cost of outstanding points earned under the Rewards Program that management believes ultimately will be redeemed, which totaled $14.2 million and $13.4 million at December 31, 2017 and 2016 , respectively. The estimated cost of points expected to be redeemed for cash and free slot play under the Rewards Program reduces casino revenue. The estimated cost of points expected to be redeemed for food, beverage, rooms, entertainment and merchandise is charged to casino expense. Cost is estimated based on assumptions about the mix of goods and services for which points will be redeemed and the incremental departmental cost of providing the goods and services. Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. Gaming Taxes The Company is assessed taxes based on gross gaming revenue, subject to applicable jurisdictional adjustments. Gaming taxes are included in casino costs and expenses in the Consolidated Statements of Income . Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Gaming tax expense $ 69,429 $ 63,626 $ 61,091 Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. Advertising The Company expenses advertising costs the first time the advertising takes place. Advertising expense is primarily included in selling, general and administrative expense in the Consolidated Statements of Income . Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Advertising expense $ 22,094 $ 21,144 $ 16,928 Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco continues to operate as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required to be recorded at December 31, 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The Company will recognize interest and penalties related to income taxes, if any, within the provision for income taxes. The Company has incurred no interest or penalties related to income taxes in any of the periods presented. Tax Receivable Agreement with Related Parties In connection with the IPO, the Company entered into a tax receivable agreement (“TRA”) with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such parties for 85% of the tax benefits realized by the Company by such exchange. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. When an exchange transaction occurs, the Company initially recognizes the related TRA liability through a charge to equity, and any subsequent adjustments to the liability are recorded through the statements of income. As a result of exchanges of LLC Units for Class A common stock and purchases by the Company of LLC Units from holders of such units, the Company is entitled to a proportionate share of the existing tax basis of the assets of Station Holdco at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of Station Holdco that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable and amortizable basis. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, it would not be required to make the related TRA payments. The Company will only recognize a liability for TRA payments if management determines it is probable that it will generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. If management determines in the future that the Company will not be able to fully utilize all or part of the related tax benefits, it would derecognize the portion of the liability related to the benefits not expected to be utilized. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, the Company considers its historical results and incorporates certain assumptions, including revenue growth, and operating margins, among others. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest at a rate of LIBOR plus 5.00% . The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, the Company’s payment obligations would be accelerated based upon certain assumptions, including the assumption that it would have sufficient future taxable income to utilize such tax benefits. Additionally, the Company estimates the amount of TRA payments expected to be paid within the next twelve months and classifies this amount within current liabilities on its Consolidated Balance Sheets. This determination is based on management’s estimate of taxable income for the next fiscal year. To the extent the Company’s estimate differs from actual results, it may be required reclassify portions of the liability under the TRA between current and non-current. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Red Rock by the weighted-average number of Class A shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Red Rock, including the impact o |
Noncontrolling Interest in Stat
Noncontrolling Interest in Station Holdco (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interest in Station Holdco As discussed in Note 1 , Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. Prior to the IPO in May 2016, there were no noncontrolling interests in Station Holdco. As a result of the IPO and Reorganization Transactions, certain owners of LLC Units who held such units prior to the IPO (“Continuing Owners”) became noncontrolling interest holders. The Company presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. After the IPO, the noncontrolling interest holders of Station Holdco owned approximately 66.6% of the outstanding LLC Units, with the remaining 33.4% owned by Red Rock. During the years ended December 31, 2017 and 2016 , approximately 2.7 million and 24.5 million , respectively, of LLC Units and Class B common shares held by noncontrolling interest holders were exchanged for Class A common shares, which increased Red Rock’s ownership interest in Station Holdco. At December 31, 2017 , the noncontrolling interest in Station Holdco had been reduced to approximately 40.7% . Noncontrolling interest will continue to be adjusted to reflect the impact of any changes in Red Rock’s ownership interest in Station Holdco. The ownership of the LLC Units is summarized as follows: December 31, 2017 December 31, 2016 Units Ownership % Units Ownership % Red Rock 68,897,563 59.3 % 65,893,439 56.9 % Noncontrolling interest holders 47,264,413 40.7 % 49,956,296 43.1 % Total 116,161,976 100.0 % 115,849,735 100.0 % The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income and other comprehensive (loss) income of Station Holdco attributable to Red Rock and the noncontrolling interest holders. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (amounts in thousands): December 31, 2017 2016 Land $ 256,173 $ 232,733 Buildings and improvements 2,315,124 2,255,580 Furniture, fixtures and equipment 534,286 476,916 Construction in progress 126,384 38,981 3,231,967 3,004,210 Accumulated depreciation and amortization (689,856 ) (566,081 ) Property and equipment, net $ 2,542,111 $ 2,438,129 Construction in progress at December 31, 2017 included $50.8 million for the upgrade and expansion project at Palace Station and $58.6 million related to the redevelopment of Palms Casino Resort. Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Depreciation expense $ 158,327 $ 137,881 $ 119,530 At December 31, 2017 and 2016 , substantially all of the Company’s property and equipment was pledged as collateral for its long-term debt. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangibles Goodwill, net, which is primarily related to the Las Vegas operations segment, was $195.7 million at each of December 31, 2017 and 2016 . Accumulated goodwill impairment losses at each of December 31, 2017 and 2016 totaled $1.2 million , which was recognized in 2013. The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2017 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (10,006 ) 13,594 Management contracts 7 - 20 115,000 (92,980 ) 22,020 Condominium rental contracts 20 9,000 (562 ) 8,438 Trademarks 15 6,000 (500 ) 5,500 Beneficial leases 2 - 6 270 (72 ) 198 Other 2 2,000 (1,250 ) 750 Intangible assets 233,370 (105,370 ) 128,000 Liabilities Below market leases 15 - 72 4,145 (199 ) 3,946 Net intangibles $ 229,225 $ (105,171 ) $ 124,054 December 31, 2016 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (8,432 ) 15,168 Management contracts 7 - 20 115,000 (76,532 ) 38,468 Condominium rental contracts 20 9,000 (113 ) 8,887 Trademarks 15 6,000 (100 ) 5,900 Beneficial leases 2 - 9 3,570 (2,044 ) 1,526 Other 2 2,000 (250 ) 1,750 Intangible assets 236,670 (87,471 ) 149,199 Liabilities Below market lease 15 2,195 (36 ) 2,159 Net intangibles $ 234,475 $ (87,435 ) $ 147,040 Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Amortization expense $ 19,890 $ 18,787 $ 18,335 Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2018 $ 10,632 2019 8,572 2020 7,545 2021 2,426 2022 2,401 The Gun Lake Casino management contract intangible asset became fully amortized in February 2018 concurrently with the expiration of the management agreement. |
Land Held for Development
Land Held for Development | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Land Held for Development | Land Held for Development At December 31, 2017 , the Company controlled approximately 428 acres of land comprised of eight strategically-located parcels in Las Vegas and Reno, Nevada, each of which is zoned for casino gaming and other uses. The Company owns approximately 408 acres of such land, and the remaining 20 acres is leased from a third-party lessor, as described in Note 22 . The Company’s decision whether to proceed with any new gaming or development opportunity is dependent upon future economic and regulatory factors, the availability of acceptable financing and competitive and strategic considerations. As many of these considerations are beyond the Company’s control, no assurances can be made that it will be able to proceed with any particular project. From time to time the Company may acquire additional parcels or sell portions of its existing sites that are not necessary to the development of additional gaming facilities. During the year ended December 31, 2017 , the Company entered into an agreement to sell a portion of an approximately 31 -acre parcel of land held for development in Las Vegas at a price less than its carrying amount and recognized an impairment loss of $1.8 million . At December 31, 2017 , the land subject to the agreement was presented within assets held for sale in the Consolidated Balance Sheet. Another parcel of undeveloped land in Las Vegas with a carrying amount at December 31, 2016 of $19.0 million that was presented within assets held for sale was reclassified to land held for development at December 31, 2017 because it was no longer probable that the sale would be completed within one year. |
Investments in Joint Ventures a
Investments in Joint Ventures and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | Investments in Joint Ventures and Variable Interest Entities Station Holdco and Station LLC are VIEs, of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Station Holdco and Station LLC, other than assets and liabilities related to income taxes and amounts payable under a tax receivable agreement. As described in Note 1 , the Company holds all of the voting interest in Station Holdco and Station LLC, subject to certain limited exceptions, and was designated as the sole managing member of both entities. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the economic interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Station LLC holds a 50% investment in MPM, which managed Gun Lake Casino through February 2018. Based on the terms of the MPM operating agreement and a qualitative analysis, the Company has determined that MPM is a VIE. Station LLC consolidates MPM in its consolidated financial statements because it directs the activities of MPM that most significantly impact MPM’s economic performance and has the right to receive benefits and the obligation to absorb losses that are significant to MPM, and as such, is MPM’s primary beneficiary. In addition, under the terms of the operating agreement, Station LLC was required to provide the majority of MPM’s initial financing and could be required to provide financing to MPM in the future. The assets of MPM reflected in the Company’s Consolidated Balance Sheets at December 31, 2017 and 2016 included a management contract intangible asset with a carrying amount of $1.3 million and $11.5 million , respectively, and management fees receivable of $3.5 million and $3.3 million , respectively. MPM’s assets may be used only to settle MPM’s obligations, and MPM’s beneficial interest holders have no recourse to the general credit of the Company. See Note 9 for information about MPM’s management agreement with Gun Lake Casino, which ended in February 2018. The Company has investments in three 50% owned smaller casino properties which are joint ventures accounted for using the equity method. Under the equity method, original investments are initially recorded at cost and are adjusted by the investor’s share of earnings, losses and distributions of the joint venture. The carrying amount of the Company’s investment in one of the smaller casino properties has been reduced below zero and is presented as a deficit investment on the Consolidated Balance Sheets. |
Native American Development
Native American Development | 12 Months Ended |
Dec. 31, 2017 | |
Development Disclosure [Abstract] | |
Native American Development | Native American Development Following is information about the Company’s Native American development activities. North Fork Rancheria of Mono Indian Tribe The Company has development and management agreements with the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California, which were originally entered into in 2003. In August 2014, the Mono and the Company entered into the Second Amended and Restated Development Agreement (the “Development Agreement”) and the Second Amended and Restated Management Agreement (the “Management Agreement”). Pursuant to those agreements, the Company will assist the Mono in developing and operating a gaming and entertainment facility (the “North Fork Project”) to be located in Madera County, California. The Company purchased a 305 –acre parcel of land adjacent to Highway 99 north of the city of Madera (the “North Fork Site”), which was taken into trust for the benefit of the Mono by the Department of the Interior (“DOI”) in February 2013. As currently contemplated, the North Fork Project is expected to include approximately 2,000 slot machines, approximately 40 table games and several restaurants, and the cost of the project is expected to be between $250 million and $300 million . Development of the North Fork Project is subject to certain governmental and regulatory approvals, including, but not limited to, approval of the Management Agreement by the Chairman of the National Indian Gaming Commission (“NIGC”). Under the terms of the Development Agreement, the Company has agreed to arrange the financing for the ongoing development costs and construction of the facility. The Company will contribute significant financial support to the North Fork Project. Through December 31, 2017 , the Company has paid approximately $32.3 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay the costs of litigation. The advances are expected to be repaid from the proceeds of third-party financing or from the Mono’s gaming revenues; however, there can be no assurance that the advances will be repaid. The carrying amount of the advances was reduced to fair value upon the Company’s adoption of fresh-start reporting in 2011. At December 31, 2017 , the carrying amount of the advances was $17.3 million . In accordance with the Company’s accounting policy, accrued interest on the advances will not be recognized in income until the carrying amount of the advances has been recovered. The Company will receive a development fee of 4% of the costs of construction (as defined in the Development Agreement) for its development services, which will be paid upon the commencement of gaming operations at the facility. The Management Agreement allows the Company to receive a management fee of 40% of the North Fork Project’s net income. The Management Agreement and the Development Agreement have a term of seven years from the opening of the North Fork Project. The Management Agreement includes termination provisions whereby either party may terminate the agreement for cause, and the Management Agreement may also be terminated at any time upon agreement of the parties. There is no provision in the Management Agreement allowing the tribe to buy-out the agreement prior to its expiration. The Management Agreement provides that the Company will train the Mono tribal members such that they may assume responsibility for managing the North Fork Project upon the expiration of the agreement. Upon termination or expiration of the Management Agreement and Development Agreement, the Mono will continue to be obligated to repay any unpaid principal and interest on the advances from the Company, as well as certain other amounts that may be due, such as management fees. Amounts due to the Company under the Development Agreement and Management Agreement are secured by substantially all of the assets of the North Fork Project except the North Fork Site. In addition, the Development Agreement and Management Agreement contain waivers of the Mono’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies. The timing of this type of project is difficult to predict and is dependent upon the receipt of the necessary governmental and regulatory approvals. There can be no assurance as to when, or if, these approvals will be obtained. The Company currently estimates that construction of the North Fork Project may begin in the next 24 to 36 months and estimates that the North Fork Project would be completed and opened for business approximately 18 months after construction begins. There can be no assurance, however, that the North Fork Project will be completed and opened within this time frame or at all. The Company expects to assist the Mono in obtaining third-party financing for the North Fork Project once all necessary regulatory approvals have been received and prior to commencement of construction; however, there can be no assurance that the Company will be able to obtain such financing for the North Fork Project on acceptable terms or at all. The Company has evaluated the likelihood that the North Fork Project will be successfully completed and opened, and has concluded that the likelihood of successful completion is in the range of 65% to 75% at December 31, 2017 . The Company’s evaluation is based on its consideration of all available positive and negative evidence about the status of the North Fork Project, including, but not limited to, the status of required regulatory approvals, as well as the progress being made toward the achievement of all milestones and the successful resolution of all litigation and contingencies. There can be no assurance that the North Fork Project will be successfully completed or that future events and circumstances will not change the Company’s estimates of the timing, scope, and potential for successful completion or that any such changes will not be material. In addition, there can be no assurance that the Company will recover all of its investment in the North Fork Project even if it is successfully completed and opened for business. The following table summarizes the Company’s evaluation at December 31, 2017 of each of the critical milestones necessary to complete the North Fork Project. As of December 31, 2017 Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State (see North Fork Rancheria of Mono Indians v. State of California) to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted the Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the deficiency letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and IGRA, following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding with the City and County were amended in December 2016 to restructure the timing of certain payments due to delays in the development of the North Fork Project. Following is a discussion of legal matters related to the North Fork Project. Stand Up For California! v. Dept. of the Interior. In December 2012, Stand Up for California!, several individuals and the Ministerial Association of Madera (collectively, the “Stand Up” plaintiffs) filed a complaint in the United States District Court for the District of Columbia against the DOI, the BIA and the Secretary of Interior and Assistant Secretary of the Interior, in their official capacities, seeking to overturn the Secretary’s determination to take the North Fork Site into trust for the purposes of gaming (the “North Fork Determination”) and seeking declaratory and injunctive relief to prevent the United States from taking the North Fork Site into trust. The Mono filed a motion to intervene as a party to the lawsuit, which was granted. In January 2013, the Court denied the Stand Up plaintiffs’ Motion for Preliminary Injunction and the United States accepted the North Fork Site into trust for the benefit of the Mono in February 2013. The parties subsequently filed motions for summary judgment. In September 2016, the Court denied the Stand Up plaintiffs’ motions for summary judgment and granted the defendants’ and the Mono’s motions for summary judgment in part and dismissed the remainder of the Stand Up plaintiffs’ claims. The Stand Up plaintiffs appealed the district court’s decision to the United States Court of Appeals for the District of Columbia Circuit, which heard oral argument on the appeal on October 13, 2017. On January 12, 2018, the United States Court of Appeals for the District of Columbia Circuit affirmed the decision of the district court in favor of the defendants and the Mono. On February 26, 2018, the Stand Up plaintiffs filed a petition for rehearing en banc of the January 12, 2018 decision. Stand Up For California! v. Brown. In March 2013, Stand Up for California! and Barbara Leach, a local resident, filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against California Governor Edmund G. Brown, Jr., alleging that Governor Brown violated the California constitutional separation-of-powers doctrine when he concurred in the North Fork Determination. The complaint sought to vacate and set aside the Governor’s concurrence. Plaintiffs’ complaint was subsequently amended to include a challenge to the constitutionality of AB 277. The Mono intervened as a defendant in the lawsuit. In March 2014, the court dismissed plaintiffs’ amended complaint, which dismissal was appealed by plaintiffs. In December 2016, an appellate court ruled in favor of the Stand Up plaintiffs concluding that Governor Brown exceeded his authority in concurring in the Secretary’s determination that gaming on the North Fork Site would be in the best interest of the Tribe and not detrimental to the surrounding community. The appellate court’s decision reversed the trial court’s previous ruling in favor of the Mono. The Mono and the State filed petitions in the Supreme Court of California seeking review of the appellate court’s decision. In March 2017, the Supreme Court of California granted the Mono and State’s petitions for review and deferred additional briefing or other action in this matter pending consideration and disposition of a similar issue in United Auburn Indian Community of Auburn Rancheria v. Brown. The United Auburn case was fully briefed in December 2017. Oral argument has not yet been scheduled. Picayune Rancheria of Chukchansi Indians v. Brown . In March 2016, Picayune Rancheria of Chukchansi Indians (“Picayune”) filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against Governor Edmund G. Brown, Jr., alleging that the referendum that invalidated the Compact also invalidated Governor Brown’s concurrence with the North Fork Determination. The complaint seeks to vacate and set aside the Governor’s concurrence. In July 2016, the court granted the Mono’s application to intervene and the Mono filed a demurrer seeking to dismiss the case. In November 2016, the district court dismissed Picayune’s complaint, but the court subsequently vacated its ruling based on the December 2016, decision by the Fifth District Court of Appeal in Stand Up for California! v. Brown . In May 2017, the court stayed the case for six months by agreement of the parties and scheduled a status conference on November 13, 2017 to address how the case should proceed in light of the California Supreme Court’s granting of the Mono and State’s petitions for review in Stand Up for California! v. Brown . Picayune Rancheria of Chukchansi Indians v. United States Department of the Interior. In July 2016, Picayune filed a complaint in the United States District Court for the Eastern District of California for declaratory and injunctive relief against the DOI. The complaint sought a declaration that the North Fork Site did not come under one of the exceptions to the general prohibition against gaming on lands taken into trust after October 1988 set forth in IGRA and therefore was not eligible for gaming. It also sought a declaration that the North Fork Determination had expired because the legislature never ratified Governor Brown’s concurrence, and sought injunctive relief prohibiting the DOI from taking any action under IGRA concerning the North Fork Site. The Mono filed a motion to intervene in September 2016, which was subsequently granted. The Mono and federal defendants filed motions for summary judgment in March 2017. On August 8, 2017, Picayune filed a brief arguing that the court should stay the proceedings in light of the Fifth District Court’s decision in Stand Up for California! v. Brown and the appeal pending in the California Supreme Court. On August 18, 2017, the court denied the Picayune’s motion to stay the proceedings and granted the summary judgment motions of the Mono and the federal defendants. Picayune has not filed a timely notice of appeal. Stand Up for California! et. al. v. United States Department of the Interior. In November 2016, Stand Up for California! and other plaintiffs filed a complaint in the United States District Court for the Eastern District of California alleging that the DOI’s issuance of Secretarial Procedures for the Mono was subject to the National Environmental Policies Act and the Clean Air Act, and violate the Johnson Act. The complaint further alleges violations of the Freedom of Information Act and the Administrative Procedures Act. The DOI filed its answer to the complaint in February 2017 denying plaintiffs’ claims and asserting certain affirmative defenses. A motion to intervene filed by the Mono was granted in March 2017. Plaintiffs subsequently filed a motion to stay the proceedings in May 2017. Briefing on the contested stay request concluded in July 2017 and briefing on cross-motions for summary judgment was concluded in September 2017. |
Management Agreements
Management Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Managements Agreements [Abstract] | |
Management Fee Revenue [Text Block] | Management Agreements The Federated Indians of Graton Rancheria The Company manages Graton Resort & Casino (“Graton Resort”), which opened in November 2013, on behalf of the Federated Indians of Graton Rancheria (the “Graton Tribe”). Graton Resort is located approximately 43 miles north of downtown San Francisco. The management agreement for Graton Resort will expire in November 2020. The Company received a management fee of 24% of Graton Resort’s net income (as defined in the management agreement) in years 1 through 4 of the agreement, and is entitled to receive 27% of Graton Resort’s net income in years 5 through 7 . Excluding reimbursable expenses, management fees from Graton Resort totaled $65.3 million , $58.4 million and $43.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The management agreement may be terminated under certain circumstances, including but not limited to, material breach, changes in regulatory or legal status, and mutual agreement of the parties. There is no provision in the management agreement allowing the Graton Tribe to buy-out the management agreement prior to its expiration. Under the terms of the management agreement, the Company will provide training to the Graton Tribe such that the tribe may assume responsibility for managing Graton Resort upon expiration of the seven-year term of the management agreement. Upon termination or expiration of the management and development agreements, the Graton Tribe will continue to be obligated to pay certain amounts that may be due to the Company, such as any unpaid management fees. Certain amounts due to the Company under the management and development agreements are subordinate to the obligations of the Graton Tribe under its third-party financing. The management and development agreements contain waivers of the Graton Tribe’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies. Gun Lake Casino The Company holds a 50% interest in MPM, which managed Gun Lake Casino (“Gun Lake”) in Allegan County, Michigan, under a seven-year management agreement that expired in February 2018. The agreement was with the Match–E–Be–Nash–She–Wish Band of Pottawatomi Indians of Michigan, a federally recognized Native American tribe commonly referred to as the Gun Lake Tribe. The management agreement provided for a management fee of 30% of Gun Lake’s net income (as defined in the management agreement) to be paid to MPM. Excluding reimbursable expenses, MPM’s management fee revenue from Gun Lake included in the Consolidated Statements of Income for the years ended December 31, 2017 , 2016 and 2015 totaled $46.1 million , $40.5 million and $37.7 million , respectively. Under the terms of the MPM operating agreement, the Company’s portion of the management fee was 50% of the first $24 million of management fees, 83% of the next $24 million of management fees and 93% of any management fees in excess of $48 million , each calculated on an annual basis. The Company received monthly cash distributions from MPM representing its portion of the management fees, less certain expenses of MPM, and the remainder of MPM’s distributable cash was required to be distributed to MPM’s noncontrolling interest holders and investors. Other Managed Properties The Company is the managing member of three 50% owned smaller casino properties in the Las Vegas regional market and receives a management fee equal to 10% of earnings before interest, taxes, depreciation and amortization (“EBITDA”) from these properties. Reimbursable Costs Management fee revenue includes reimbursable payroll and other costs, primarily related to Graton Resort. Reimbursable costs totaled $6.6 million , $8.9 million and $7.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2017 2016 Accrued gaming and related $ 50,980 $ 46,744 Accrued payroll and related 51,095 44,202 Construction payables and equipment purchase accruals 39,673 17,642 Advance deposits 13,914 16,283 Other 21,151 28,271 $ 176,813 $ 153,142 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (amounts in thousands): December 31, 2017 2016 Term Loan B Facility, due June 8, 2023, interest at a margin above LIBOR or base rate (4.06% and 3.75% at December 31, 2017 and 2016, respectively), net of unamortized discount and deferred issuance costs of $53.2 million and $42.9 million at December 31, 2017 and 2016, respectively $ 1,780,193 $ 1,449,591 Term Loan A Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.36% and 3.20% at December 31, 2017 and 2016, respectively), net of unamortized discount and deferred issuance costs of $5.2 million and $7.4 million at December 31, 2017 and 2016, respectively 263,860 211,978 $781 million Revolving Credit Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.44% weighted average at December 31, 2016) — 120,000 5.00% Senior Notes, due October 1, 2025, net of deferred issuance costs of $6.4 million at December 31, 2017 543,596 — 7.50% Senior Notes, due March 1, 2021, net of unamortized discount and deferred issuance costs of $9.4 million at December 31, 2016 — 490,568 Restructured Land Loan, due June 17, 2017, interest at a margin above LIBOR or base rate (5.27% at December 31, 2016), net of unamortized discount of $0.6 million at December 31, 2016 — 115,378 Other long-term debt, weighted-average interest of 3.95% and 3.92% at December 31, 2017 and 2016, respectively, maturity dates ranging from 2027 to 2037 30,173 34,786 Total long-term debt 2,617,822 2,422,301 Current portion of long-term debt (30,094 ) (46,063 ) Long-term debt, net $ 2,587,728 $ 2,376,238 Credit Facility Station LLC’s credit facility, consisting of the Term Loan B Facility, the Term Loan A Facility and the Revolving Credit Facility (collectively, the “Credit Facility”), was originally entered into in June 2016. During the year-ended December 31, 2017, Station LLC completed a series of amendments to the Credit Facility, as discussed in more detail below. The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 2.50% or base rate plus 1.50% . The Term Loan A Facility and the Revolving Credit Facility bear interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus an amount ranging from 1.75% to 2.00% or base rate plus an amount ranging from 0.75% to 1.00% , depending on Station LLC’s consolidated leverage ratio. The Term Loan B Facility will mature in June 2023. The Term Loan A Facility and the Revolving Credit Facility will mature in June 2022. Station LLC is required to make quarterly principal payments of $4.7 million on the Term Loan B Facility and $3.4 million on the Term Loan A Facility on the last day of each quarter. Station LLC also is required to make mandatory payments of amounts outstanding under the Credit Facility with the proceeds of certain casualty events, debt issuances, asset sales and equity issuances and, depending on its consolidated total leverage ratio, Station LLC is required to apply a portion of its excess cash flow to repay amounts outstanding under the Term Loan B Facility, which would reduce future quarterly principal payments. Borrowings under the Credit Facility are guaranteed by all of Station LLC’s existing and future material restricted subsidiaries and are secured by pledges of all of the equity interests in Station LLC and its material restricted subsidiaries, a security interest in substantially all of the personal property of Station LLC and the subsidiary guarantors, and mortgages on the real property and improvements owned or leased by certain of Station LLC’s subsidiaries. The Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the ability of Station LLC and the subsidiary guarantors to incur debt; create a lien on collateral; engage in mergers, consolidations or asset dispositions; pay distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business. The Credit Facility also includes certain financial ratio covenants that Station LLC is required to maintain throughout the term of the Credit Facility and measure as of the end of each quarter, including an interest coverage ratio of not less than 2.50 to 1.00 and a maximum consolidated total leverage ratio ranging from 6.50 to 1.00 at December 31, 2017 to 5.25 to 1.00 at December 31, 2020 and thereafter. A breach of the financial ratio covenants shall only become an event of default under the Term Loan B Facility if the lenders providing the Term Loan A Facility and the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. At December 31, 2017 , Station LLC’s interest coverage ratio was 4.53 to 1.00 and its consolidated total leverage ratio was 4.99 to 1.00 , both as defined in the Credit Facility. The Company believes it was in compliance with all applicable covenants at December 31, 2017 . Revolving Credit Facility Availability At December 31, 2017 , Station LLC’s borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $747.0 million , which was net of $34.0 million in outstanding letters of credit and similar obligations. Credit Facility Amendments In January 2017, Station LLC amended the Credit Facility to increase the existing Term Loan B Facility by $125.0 million and reduce the applicable margin for LIBOR and base rate loans. As amended, the Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 2.50% or base rate plus 1.50% . Prior to the January 2017 amendment, the Term Loan B Facility bore interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 3.00% or base rate plus 2.00% . Station LLC used the proceeds of the incremental Term Loan B Facility borrowings to repay outstanding borrowings under its Revolving Credit Facility and pay fees and costs incurred in connection with the transaction, including a repricing fee of $14.9 million , which represented 1.00% of the aggregate principal amount of the Term Loan B Facility outstanding prior to the $125.0 million increase in borrowings. Station LLC evaluated the transaction on a lender by lender basis in accordance with the accounting guidance for debt modifications and extinguishments. The majority of the transaction was accounted for as a debt modification and as a result, Station LLC capitalized $14.9 million in related fees and costs and recognized a $2.0 million loss on debt extinguishment and modification, which was primarily related to third-party fees it incurred in connection with the repricing. In May 2017, Station LLC amended the Credit Facility to increase the Term Loan B Facility by an additional $250.0 million . Station LLC applied the proceeds of the incremental borrowings under the Term Loan B Facility, together with cash on hand, to pay for the redemption of $250.0 million of its 7.50% Senior Notes and to pay fees and costs incurred in connection with the transactions. Station LLC capitalized $3.8 million in fees and costs related to the $250.0 million in incremental borrowings. Also in May 2017, Station LLC completed a series of amendments to the Credit Facility to increase the existing Term Loan A Facility by $50.0 million and reduce the applicable margins for LIBOR and base rate loans under the Term Loan A Facility and the Revolving Credit Facility. As amended, the Term Loan A Facility and the Revolving Credit Facility bear interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus an amount ranging from 1.75% to 2.00% or base rate plus an amount ranging from 0.75% to 1.00% , depending on Station LLC’s consolidated leverage ratio. Prior to the amendments, the Term Loan A Facility and the Revolving Credit Facility bore interest at a rate per annum, at Station LLC’s option and subject to a leverage-based grid, of either LIBOR plus an amount ranging from 1.75% to 2.75% or base rate plus an amount ranging from 0.75% to 1.75% . Station LLC evaluated the transaction on a lender by lender basis in accordance with the accounting guidance for debt modifications and extinguishments and as a result, Station LLC capitalized $1.3 million in related fees and costs and recognized a $2.1 million loss on debt extinguishment and modification, which was primarily related to the write-off of unamortized debt discount related to the extinguished debt. In September 2017, Station LLC amended the Credit Facility to, among other things, (a) extend the maturity date under each of the Term Loan A Facility and the Revolving Credit Facility by one year to June 2022; (b) set the required quarterly principal payments on the Term Loan A to approximately $3.4 million , payable on the last day of each quarter beginning on December 31, 2017; (c) increase the outstanding amount of the Term A Facility to approximately $272.5 million ; (d) increase the borrowing availability of the Revolving Credit Facility to $781.0 million and (e) modify the maximum consolidated total leverage ratio requirements. Station LLC evaluated the transaction on a lender by lender basis in accordance with the accounting guidance for debt modifications and extinguishments and as a result, Station LLC capitalized $2.8 million in related fees and costs and recognized a $0.6 million loss on debt extinguishment and modification. 5.00% Senior Notes In September 2017, Station LLC issued $550.0 million in aggregate principal amount of 5.00% Senior Notes due October 1, 2025 at par. Interest on the 5.00% Senior Notes will be paid every six months in arrears on April 1 and October 1, commencing April 1, 2018. The 5.00% Senior Notes and the guarantees of such notes by certain of Station LLC’s subsidiaries are general senior unsecured obligations. On or after October 1, 2020, Station LLC may redeem all or a portion of the 5.00% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning October 1, Percentage 2020 102.50 % 2021 101.25 % 2022 and thereafter 100.00 % The indenture governing the 5.00% Senior Notes requires Station LLC to offer to purchase the 5.00% Senior Notes at a purchase price in cash equal to 101.00% of the aggregate principal amount outstanding plus accrued and unpaid interest thereon if Station LLC experiences certain change of control events (as defined in the indenture). The indenture also requires Station LLC to make an offer to repurchase the 5.00% Senior Notes at a purchase price equal to 100.00% of the principal amount of the purchased notes if it has excess net proceeds (as defined in the indenture) from certain asset sales. The indenture governing the 5.00% Senior Notes contains a number of customary covenants that, among other things and subject to certain exceptions, restrict the ability of Station LLC and its restricted subsidiaries to incur or guarantee additional indebtedness; issue disqualified stock or create subordinated indebtedness that is not subordinated to the 5.00% Senior Notes; create liens; engage in mergers, consolidations or asset dispositions; enter into certain transactions with affiliates; engage in lines of business other than its core business and related businesses; or make investments or pay distributions (other than customary tax distributions). These covenants are subject to a number of exceptions and qualifications as set forth in the indenture. The indenture governing the 5.00% Senior Notes also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 5.00% Senior Notes to be declared due and payable. 7.50% Senior Notes As noted above, in May 2017, Station LLC redeemed $250.0 million in aggregate principal amount of its 7.50% Senior Notes at a redemption price equal to 103.75% of the principal amount of such notes. Station LLC recognized a $13.8 million loss on debt extinguishment related to the May 2017 redemption, primarily comprising the write-off of $4.4 million in unamortized debt discount and issuance costs related to the extinguished debt and the redemption premium of $9.4 million . In October 2017, a portion of the proceeds of the sale of the 5.00% Senior Notes was applied to redeem the remaining $250.0 million in outstanding principal amount of the 7.50% Senior Notes at a redemption price equal to 103.75% of the principal amount of such notes. Station LLC recognized an additional $13.4 million loss on debt extinguishment comprising the write-off of $4.0 million in remaining unamortized debt discount and issuance costs and an additional $9.4 million redemption premium. Restructured Land Loan In March 2017, Station LLC’s wholly owned subsidiary, CV Propco, LLC (“CV Propco”), as borrower, and Deutsche Bank AG Cayman Islands Branch (“Deutsche Bank”) and JPMorgan Chase Bank, N.A. (“JPMorgan”), as initial lenders, amended the $105 million Restructured Land Loan. Pursuant to the amendment, CV Propco paid $61.8 million in full settlement of the $72.6 million outstanding principal amount owed to Deutsche Bank under the Restructured Land Loan. In addition, outstanding warrants held by Deutsche Bank and JPMorgan to purchase 60% of the interests of both CV Propco and NP Tropicana LLC were canceled. Prior to the cancellation, the warrants were accounted for as noncontrolling interests. The Company accounted for the $61.8 million settlement as consideration paid to Deutsche Bank to (i) extinguish the debt and (ii) acquire the warrants held by Deutsche Bank. Accordingly, the Company attributed $57.3 million of the $61.8 million to extinguishment of the debt and $4.5 million to the acquisition of the warrants. The settlement resulted in a $14.9 million gain on debt extinguishment in June 2017, the date when all contingencies related to the settlement were satisfied. In June 2017, CV Propco repaid the remaining $43.3 million in outstanding principal under the Restructured Land Loan in full. Corporate Office Lease The Company leases its corporate office building under a lease agreement which was entered into in 2007 pursuant to a sale-leaseback arrangement with a third-party real estate investment firm. The lease has an initial term of 20 years with four five -year extension options. The options constitute continuing involvement under the accounting guidance for sale-leaseback transactions involving real estate, and accordingly, the sale-leaseback is accounted for as a financing transaction. The corporate office building is included in Property and equipment, net on the Consolidated Balance Sheets and is being depreciated according to the Company’s policy. The carrying amount of the related obligation is $29.6 million , which is included within Other long-term debt, and the lease payments are recognized as principal and interest payments on the debt. The lease payment in effect at December 31, 2017 was $3.4 million on an annualized basis, which will increase annually by the greater of 1.25% or the percentage increase in a cost of living factor, not to exceed 2% . Minimum lease payments on the corporate office lease for each of the next five years are as follows (amounts in thousands): Years Ending December 31, 2018 $ 3,449 2019 3,493 2020 3,536 2021 3,580 2022 3,625 Principal Maturities Scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter are as follows (amounts in thousands): Years Ending December 31, 2018 $ 30,094 2019 34,937 2020 82,044 2021 99,971 2022 277,236 Thereafter 2,158,366 2,682,648 Debt discounts and issuance costs (64,826 ) $ 2,617,822 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company’s objective in using derivative instruments is to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps, including forward-starting interest rate swaps, as a primary part of its cash flow hedging strategy, which involves the receipt of variable-rate payments in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivative financial instruments for trading or speculative purposes. In June 2016, Station LLC entered into 16 interest rate swaps, 12 of which were outstanding at December 31, 2017 . The 16 interest rate swaps were originally designated in hedge accounting relationships and subsequently dedesignated in June 2017 as discussed in further detail below. The interest rate swaps each have one -year terms that run consecutively which began in July 2016 and will end in July 2020 with predetermined fixed pay rates that increase with each new term to more closely align with the one -month LIBOR forward curve as of the trade date of the interest rate swaps. Station LLC paid a weighted-average fixed rate of 0.85% during the first one -year term that matured in July 2017 for four of the 16 interest rate swaps. The weighted-average fixed rate increased to approximately 1.11% during the second one -year term maturing in July 2018 and will increase to 1.39% and 1.69% in the third and fourth one -year terms, respectively. In June 2016, prior to entering into the 16 new interest rate swaps, Station LLC terminated the cash flow hedging relationship of its interest rate swap that existed at that time and paid $7.3 million to the counterparty. In June 2017, Station LLC entered into eight additional interest rate swaps for which hedge accounting was not elected. These swaps are also intended to meet the Company’s objectives noted above and are not speculative. The interest rate swaps each have one -year terms that run consecutively which began in July 2017 and will end in July 2021, also with predetermined fixed pay rates that increase with each new term to more closely align with the one -month LIBOR forward curve as of the trade date of the interest rate swaps. Station LLC pays a weighted-average fixed rate of 1.32% during the first one -year term maturing in July 2018, which will increase to a weighted-average rate of approximately 1.59% , 1.78% and 1.94% during the second, third and fourth one -year terms, respectively. Also in June 2017, the Company dedesignated the hedge accounting relationships of its 16 interest rate swaps that were outstanding at that time. As a result, at December 31, 2017 , $7.1 million of cumulative deferred net gains previously recognized in accumulated other comprehensive income are being amortized as a reduction of interest expense through July 2020 as the hedged interest payments continue to occur. Of this amount, approximately $2.9 million of deferred net gains is expected to be reclassified into earnings during the next twelve months. As a result of and subsequent to (i) the Company’s election not to apply hedge accounting to Station LLC’s eight new interest rate swaps and (ii) the June 2017 dedesignation of Station LLC’s then-outstanding 16 interest rate swaps, the changes in fair value of all of Station LLC’s derivative instruments are reflected in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs and as such, interest expense for periods subsequent to the dedesignation does not reflect a fixed rate as it previously did under hedge accounting for that portion of the debt hedged. However, the economics are unchanged and the Company continues to meet its risk management objective and achieve fixed cash flows attributable to interest payments on the debt principal being hedged by its interest rate swaps. At December 31, 2017 , Station LLC’s interest rate swaps effectively converted $1.6 billion of Station LLC’s variable interest rate debt (based on one -month LIBOR that is subject to a minimum of 0.75% ) to a fixed rate of 3.83% . The fair values of Station LLC’s interest rate swaps, exclusive of accrued interest, as well as their classification on the Consolidated Balance Sheets, are presented below (amounts in thousands): December 31, 2017 2016 Interest Rate Swaps Not Designated in Cash Flow Hedging Relationships Prepaid expenses and other current assets $ 3,620 $ — Other assets, net 18,383 — Interest Rate Swaps Designated in Cash Flow Hedging Relationships Prepaid expenses and other current assets $ — $ 19 Other assets, net — 10,661 Other accrued liabilities — 8 Information about pretax gains and losses on derivative financial instruments that were not designated in cash flow hedging relationships and their location within the Consolidated Statements of Income is presented below (amounts in thousands): Derivatives Not Designated in Cash Flow Hedging Relationships Location of Gain on Derivatives Recognized in Income Amount of Gain on Derivatives Recognized in Income Year Ended December 31, 2017 2016 2015 Interest rate swaps Change in fair value of derivative instruments $ 14,110 $ — $ — Information about pretax gains and losses on derivative financial instruments that were designated in cash flow hedging relationships and their location within the consolidated financial statements is presented below (amounts in thousands): Derivatives Designated in Cash Flow Hedging Relationships Amount of (Loss) Gain on Derivatives Recognized in Other Comprehensive Income (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 Interest rate swaps $ (1,875 ) $ 8,035 $ (6,851 ) Interest expense, net $ (1,176 ) $ (5,066 ) $ (8,548 ) Derivatives Designated in Cash Flow Hedging Relationships Location of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2017 2016 2015 Interest rate swaps Change in fair value of derivative instruments $ 2 $ 87 $ (1 ) Station LLC has not posted any collateral related to its interest rate swap agreements; however, Station LLC’s obligations under the interest rate swap agreements are subject to the security and guarantee arrangements applicable to the Credit Facility. The interest rate swap agreements contain a cross-default provision under which Station LLC could be declared in default on its obligations under such agreements if certain conditions of default exist on the Credit Facility. At December 31, 2017 , the termination value of Station LLC’s interest rate swaps, including accrued interest, was a net asset of $22.2 million . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis Information about the Company’s financial assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 22,003 $ — $ 22,003 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 248 $ 248 $ — $ — Interest rate swaps 10,680 — 10,680 — Liabilities Interest rate swaps $ 8 $ — $ 8 $ — Assets Measured at Fair Value on a Nonrecurring Basis During the year ended December 31, 2017, the Company recorded an asset impairment charge of $1.8 million to write down an approximately 31 -acre parcel of land held for development in Las Vegas to its estimated fair value of $5.2 million as a result of entering into an agreement to sell a portion of the land at a price less than its carrying amount. During the year ended December 31, 2015, the Company engaged a third party real estate firm to assist management in determining the fair value of its land held for development and as a result, recognized an impairment loss of $4.2 million to write down the carrying amount of a parcel of land in Las Vegas to its estimated fair value of $7.0 million . Also during the year ended December 31, 2015, the Company recognized an impairment charge of $1.9 million to write down the carrying amount of a parcel of land held for sale in Las Vegas to $2.0 million , representing its estimated fair value less cost to sell. The sale was completed in December 2016. Fair Value of Long-term Debt The estimated fair value of the Company’s long-term debt compared with its carrying amount is presented below (amounts in millions): December 31, 2017 2016 Aggregate fair value $ 2,677 $ 2,521 Aggregate carrying amount 2,618 2,422 The estimated fair value of the Company’s long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value hierarchy. |
Stockholders'_Members' Equity
Stockholders'/Members' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Members' Equity | Stockholders’ Equity Subsequent to the IPO and the Reorganization Transactions described in Note 1 , the Company has two classes of common stock. The Company’s Certificate of Incorporation authorizes 500,000,000 shares of Class A common stock, par value $0.01 per share and 100,000,000 shares of Class B common stock, par value $0.00001 per share. The Certificate of Incorporation also authorizes up to 100,000,000 shares of preferred stock, par value of $0.01 per share, none of which have been issued. Class A Common Stock Voting Rights The holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders and have economic rights. Holders of shares of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law or the Certificate of Incorporation. Dividend Rights Subject to preferences that may be applicable to any outstanding preferred stock, the holders of Class A common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. The declaration, amount and payment of any future dividends on shares of Class A common stock will be at the sole discretion of the board of directors and it may reduce or discontinue entirely the payment of such dividends at any time. The board of directors may take into account general economic and business conditions, the Company’s financial condition and operating results, its available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends to stockholders or the payment of distributions by subsidiaries (including Station Holdco) to the Company, and such other factors as the board of directors may deem relevant. As a holding company, Red Rock’s only assets are its equity interest in Station Holdco and its voting interest in Station LLC, other than cash and tax-related assets and liabilities that are not significant on a net basis. Red Rock has no operations outside of its management of Station LLC. The Company intends to cause Station Holdco to make distributions in an amount sufficient to cover cash dividends declared, if any. If Station Holdco makes such distributions to Red Rock, the other holders of LLC Units will be entitled to receive proportionate distributions based on their percentage ownership of Station Holdco. During the years ended December 31, 2017 and 2016 , the Company declared and paid cash dividends of $0.40 and $0.20 per share, respectively, to Class A common shareholders. In February 2018, the board of directors declared a dividend of $0.10 per share of Class A common stock to holders of record as of March 15, 2018 to be paid on March 30, 2018 . Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including the Company, of $0.10 per unit for a total distribution of approximately $11.6 million , of which $4.7 million will be paid to its noncontrolling interest holders. The existing debt agreements of Station LLC, including those governing the Credit Facility, contain restrictive covenants that limit its ability to make cash distributions. Because the only asset of Station Holdco is its interest in Station LLC, the limitations on such distributions will effectively limit the ability of Station Holdco to make distributions to Red Rock, and any financing arrangements that the Company or any of its subsidiaries enter into in the future may contain similar restrictions. Station Holdco is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of Station Holdco (with certain exceptions) exceed the fair value of its assets. Subsidiaries of Station Holdco, including Station LLC and its subsidiaries, are generally subject to similar legal limitations on their ability to make distributions to their members or equity holders. Because the Company must pay taxes and make payments under the TRA, amounts ultimately distributed as dividends to holders of Class A common stock are expected to be less than the amounts distributed by Station Holdco to its members on a per LLC Unit basis. Rights upon Liquidation In the event of liquidation, dissolution or winding-up of Red Rock, whether voluntarily or involuntarily, the holders of Class A common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. Other Rights The holders of Class A common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class A common stock. The rights, preferences and privileges of holders of Class A common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Class B Common Stock Voting Rights All Continuing Owners of Station Holdco other than Red Rock hold shares of Class B common stock. Although Class B shares have no economic rights, they allow those owners of Station Holdco to exercise voting power at Red Rock, which is the sole managing member of Station Holdco. Each outstanding share of Class B common stock that is held by a holder that, together with its affiliates, owned LLC Units representing at least 30% of the outstanding LLC Units and, at the applicable record date, maintains direct or indirect beneficial ownership of at least 10% of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock) is entitled to ten votes and each other outstanding share of Class B common stock is entitled to one vote. Affiliates of Frank J. Fertitta III and Lorenzo J. Fertitta hold all of the Company’s issued and outstanding shares of Class B common stock that have ten votes per share. As a result, Frank J. Fertitta III and Lorenzo J. Fertitta, together with their affiliates, control any action requiring the general approval of the Company’s stockholders, including the election of the board of directors, the adoption of amendments to the Certificate of Incorporation and bylaws and the approval of any merger or sale of substantially all of the Company’s assets. Each share of Class B common stock is entitled to only one vote automatically upon it being held by a holder that, together with its affiliates, did not own at least 30% of the outstanding LLC Units immediately following the IPO or owns less than 10% of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock). Holders of LLC Units are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or for cash, at the Company’s election. Accordingly, as members of Station Holdco exchange LLC Units, the voting power afforded to them by their shares of Class B common stock will be correspondingly reduced. Holders of Class B common stock exchanged 2.7 million and 24.5 million shares of such stock, along with an equal number of LLC Units, for an equal number of shares of Class A common stock during the years ended December 31, 2017 and 2016 , respectively. Automatic Transfer In the event that any outstanding share of Class B common stock shall cease to be held by a holder of an LLC Unit (including a transferee of an LLC Unit), such share shall automatically be transferred to the Company and thereupon shall be retired. Dividend Rights Class B stockholders will not participate in any dividends declared by the board of directors. Rights upon Liquidation In the event of any liquidation, dissolution, or winding-up of Red Rock, whether voluntary or involuntary, the Class B stockholders will not be entitled to receive any of the Company’s assets. Other Rights The holders of Class B common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class B common stock. The rights, preferences and privileges of holders of Class B common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Preferred Stock Subject to limitations prescribed by Delaware law and the Certificate of Incorporation, the board of directors is authorized to issue preferred stock and to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The board of directors is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company. The Company has no current plan to issue any shares of preferred stock. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) balances, net of tax and noncontrolling interest (amounts in thousands): Unrealized (loss) gain on interest rate swaps Unrealized (loss) gain on available-for-sale securities Unrecognized pension liability Total Balances, December 31, 2015 $ (5,279 ) $ (24 ) $ — $ (5,303 ) Unrealized gain arising during the period (a) 1,859 39 2 1,900 Amounts reclassified from accumulated other comprehensive income into income 3,001 — — 3,001 Net current-period other comprehensive income 4,860 39 2 4,901 Effects of reorganization transactions 3,768 7 — 3,775 Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (945 ) 30 — (915 ) Balances, December 31, 2016 2,404 52 2 2,458 Unrealized (loss) gain arising during the period (b) (236 ) 4 (39 ) (271 ) Amounts reclassified from accumulated other comprehensive income (loss) in to income (c) 144 (56 ) — 88 Net current-period other comprehensive loss (92 ) (52 ) (39 ) (183 ) Exchanges of noncontrolling interests for Class A common stock 228 — — 228 Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (30 ) — — (30 ) Balances, December 31, 2017 $ 2,510 $ — $ (37 ) $ 2,473 _______________________________________ (a) Net of $2.3 million tax expense . (b) Net of $1.0 million tax benefit . (c) Net of $0.5 million tax expense . Net Income Attributable to Red Rock Resorts, Inc. and Transfers from (to) Noncontrolling Interests The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco LLC (amounts in thousands): Year Ended December 31, 2017 2016 2015 Net income attributable to Red Rock Resorts, Inc. $ 35,152 $ 91,967 $ 137,658 Transfers from (to) noncontrolling interests: Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions — (362,908 ) — Exchanges of noncontrolling interests for Class A common stock 14,915 128,387 — Acquisition of subsidiary noncontrolling interests 2,850 — — Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (4,975 ) 1,277 — Net transfers from (to) noncontrolling interests 12,790 (233,244 ) — Change from net income attributable to Red Rock Resorts, Inc. and net transfers from (to) noncontrolling interests $ 47,942 $ (141,277 ) $ 137,658 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Red Rock Resorts, Inc. 2016 Equity Incentive Plan (the “Equity Incentive Plan”) is designed to attract, retain and motivate employees and to align the interests of those individuals with the interests of the Company. The Equity Incentive Plan was approved by the Company’s stockholders and is administered by the Compensation Committee or other designated committee of the board of directors (the “Committee”). The plan authorizes the Committee to grant share-based compensation awards, including stock options, restricted stock, performance awards, stock appreciation rights and certain other stock-based awards, to eligible participants. The Committee may designate plan participants, determine the types of awards to be granted and the number of shares covered by awards, and set the terms and conditions of awards, subject to limitations set forth in the plan. A total of 11,585,479 shares of Class A common stock are reserved for issuance under the plan, of which approximately 5.0 million shares were available to be issued at December 31, 2017 . Stock Options Stock option awards issued under the plan generally vest over a requisite service period of four years and have a term of seven years from the grant date. The exercise price of stock options awarded under the plan is equal to the fair market value of the Company’s stock at the grant date. A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2017 1,637,029 $ 19.71 Granted 3,585,983 21.88 Exercised (128,258 ) 19.50 Forfeited or expired (846,289 ) 21.01 Outstanding at December 31, 2017 4,248,465 $ 21.29 6.0 $ 52,886 Unvested instruments expected to vest at December 31, 2017 3,987,296 $ 21.39 6.0 $ 49,248 Exercisable at December 31, 2017 261,169 $ 19.81 5.4 $ 3,637 The following information is provided for stock options awarded under the plan: Year Ended December 31, 2017 2016 Weighted-average grant date fair value $ 6.26 $ 6.05 Total intrinsic value of stock options exercised (amounts in thousands) $ 538 $ — The weighted-average assumptions used by the Company to estimate the grant date fair values of stock option awards were as follows: Year Ended December 31, 2017 2016 Expected stock price volatility 35.55 % 41.26 % Expected term (in years) 4.95 4.75 Risk-free interest rate 2.06 % 1.35 % Expected dividend yield 1.79 % 1.99 % As a result of the IPO and Reorganization Transactions in May 2016 , the Company has limited historical data on which to base certain assumptions used in estimating the grant date fair value of stock option awards. Accordingly, the Company uses the historical volatility of comparable public companies to estimate its expected stock price volatility and the simplified method to estimate the expected term of stock option awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for a period equal to the expected term. The expected dividend yield is based on the current annualized dividend as of the grant date and the average stock price for the year preceding the option grant. At December 31, 2017 , unrecognized share-based compensation cost related to stock options was $19.8 million which is expected to be recognized over a weighted-average period of 3.1 years. Restricted Stock Awards Restricted stock awards issued under the plan generally vest over requisite service periods of two to four years for employee awards and one year for awards to independent directors. A summary of restricted stock activity is presented below: Shares Weighted-average grant date fair value Nonvested at January 1, 2017 222,487 $ 15.70 Granted 295,739 22.11 Vested (102,086 ) 11.37 Forfeited (107,830 ) 20.53 Nonvested at December 31, 2017 308,310 $ 21.60 The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2017 2016 Weighted-average grant date fair value $ 22.11 $ 19.94 Total fair value of shares vested (amounts in thousands) $ 2,364 $ 2,830 At December 31, 2017 , unrecognized share-based compensation cost for restricted stock awards was $4.7 million which is expected to be recognized over a weighted-average period of 2.8 years. Share-based compensation is classified in the same financial statement line items as cash compensation. The following table presents the location of share-based compensation expense in the Consolidated Statements of Income (amounts in thousands): Year Ended December 31, 2017 2016 2015 Operating costs and expenses: Casino $ 228 $ 340 $ 128 Food and beverage 40 21 — Room 11 75 62 Selling, general and administrative 7,643 6,457 19,536 Total share-based compensation expense $ 7,922 $ 6,893 $ 19,726 In addition to the amounts shown in the table above, $0.1 million in share-based compensation was capitalized as part of the cost of property and equipment during the year ended December 31, 2017 . Share-based compensation expense for the pre-IPO period from January 1, 2016 through May 1, 2016 included $3.5 million for awards issued under three terminated plans, which are described below. Terminated Plans Prior to the IPO, the Company had three share-based compensation plans which were terminated in connection with the IPO and Reorganization Transactions. Under the plans, profit interests were awarded to certain employees of Station Casinos and Fertitta Entertainment. The fair value of the profit interests awarded under the terminated plans was measured on the date of grant using an option pricing method, which utilized various key inputs and assumptions that were estimated by management, including total equity value, expected volatility, risk-free rate and time to liquidity event. Management estimated the total equity value using a combination of the income approach, which was based on discounted cash flow projections, and the market approach, which was based on observable market indicators of value. Expected volatility was estimated using the historical weekly average stock price volatility for comparable companies, and the discount for post-vesting restrictions was estimated based on an average strike-put option model. For share-based compensation awards that the Company intended to settle partially in cash, the Company applied liability accounting, and compensation expense was measured based on the fair value of the awards, which was remeasured at each reporting period until the liability was settled. The terminated plans are described below. Station Holdco Profit Units Plan. Under the Station Holdco Amended and Restated Profit Units Plan (the “Profit Units Plan”), nonvested profit units in Station Holdco (“Profit Units”) were awarded to certain employees of the Company. The awards were subject to service-based vesting. At the IPO date, restricted shares of Class A common stock were issued in substitution for all outstanding vested and unvested Profit Units on a value-for-value basis, and the nonvested restricted shares continued to vest under the same terms as the related Profit Unit awards. The weighted-average grant date fair value of nonvested restricted shares awarded in substitution for unvested Profit Units was $6.83 per share. The estimated fair value of Profit Units that vested during the years ended December 31, 2016 and 2015 was $5.2 million and $7.8 million , respectively. Fertitta Entertainment Profit Units Plan. The Fertitta Entertainment profit units plan provided for the issuance of Fertitta Entertainment profit interests (“FE Profit Interests”) to certain key executives of Fertitta Entertainment. The FE Profit Interests vested over requisite service periods of four to five years. Holders of FE Profit Interests were entitled to participate in Fertitta Entertainment’s distributions, subject to the return of capital contributions made by the common unit holders and certain other preferred distribution rights. The Company applied liability accounting for certain awards of FE Profit Interests that were subject to cash settlement and remeasured the liability awards at fair value each reporting period. Upon completion of the Fertitta Entertainment Acquisition, all outstanding FE Profit Interests were settled, including the liability awards which were settled for $18.7 million . The estimated fair value of FE Profit Interests that vested during the years ended December 31, 2016 and 2015 was $3.1 million and $8.9 million , respectively. FI Station Investor Profit Units Plan. Certain key executives of Fertitta Entertainment were issued profit interest awards by FI Station Investor LLC (“FI Station Investor”) pursuant to the FI Station Investor Profit Units Plan (the “FI Profit Interests”). FI Station Investor is an affiliate of Frank J. Fertitta III and Lorenzo J. Fertitta. Holders of FI Profit Interests were entitled to participate in FI Station Investor’s distributions, subject to the return of capital contributions made by the common unit holders and certain other preferred distribution rights. Immediately prior to the completion of the IPO, FI Station Investor distributed a portion of its LLC Units to holders of vested FI Profit Interests in settlement of such profit interests. The estimated fair value of FI Profit Interests that vested during the year ended December 31, 2015 was $17.4 million . |
Write-downs and Other Charges,
Write-downs and Other Charges, Net | 12 Months Ended |
Dec. 31, 2017 | |
Losses on Asset Disposals and Other Nonroutine Transactions [Abstract] | |
Write-downs and Other Charges, Net | Write-downs and Other Charges, Net Write-downs and other charges, net includes net losses on asset disposals and charges related to various non-routine transactions. Write-downs and other charges, net consisted of the following (amounts in thousands): Year Ended December 31, 2017 2016 2015 Loss on disposal of assets, net $ 20,647 $ 6,182 $ 1,665 Transaction-related costs — 9,684 5,819 Other, net 8,937 8,725 3,195 $ 29,584 $ 24,591 $ 10,679 Loss on disposal of assets, net includes net charges associated with disposals of various property and equipment in the normal course of business, as well as asset disposals associated with major renovation projects. For the year ended December 31, 2017 , loss on disposal of assets, net included $11.3 million related to the redevelopment of Palms Casino Resort (“Palms”). For the year ended December 31, 2015 , loss on disposal of assets, net included $6.7 million in net gains on the sale of certain parcels of land that were previously held for development. Transaction-related costs represent IPO-related advisory, legal and other costs that were not deferred as direct and incremental costs of the IPO, as well as costs related to the Fertitta Entertainment Acquisition. Other includes development and preopening costs, lease termination, severance and certain non-routine transactions. For the year ended December 31, 2017 , other primarily included lease termination, preopening and severance related to Palms. For the year ended December 31, 2016 , other primarily included expenses associated with the acquisition and integration of Palms. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco based upon Red Rock’s economic interest held in Station Holdco. As part of the IPO, Red Rock acquired the outstanding stock of the Merging Blockers which are taxed as corporations. As a result, Red Rock files as a consolidated group for federal income tax reporting purposes and in certain states as required or allowed. Station Holdco is treated as a pass-through partnership for income tax reporting purposes. Station Holdco’s members, including the Company, are liable for federal, state and local income taxes based on their share of Station Holdco’s pass-through taxable income. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate rate from 35% to 21% . At December 31, 2017, the Company has not completed its accounting for the tax effects of enactment of the Act; however, as described below, the Company has made a reasonable estimate of the effects on its existing deferred tax balances. The Company will continue to make and refine its calculations as additional analysis is completed. In addition, the Company’s estimates may also be affected as it gains a more thorough understanding of the tax law. Provisional Amounts The Company remeasured deferred tax assets and liabilities on the rates at which they are expected to reverse in the future, which is generally 21% . However, the Company is still analyzing certain aspects of the Act and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the remeasurement of its deferred tax balance was $85.3 million . Income Tax Expense The components of income tax expense were as follows (amounts in thousands): Year Ended December 31, 2017 2016 Current income taxes Federal $ (1,436 ) $ 1,233 State and local 66 17 Total current income taxes (1,370 ) 1,250 Deferred income taxes Federal 133,321 6,614 State and local 2,804 348 Total deferred income taxes 136,125 6,962 Total income tax expense $ 134,755 $ 8,212 The Company had no income tax expense for the year ended December 31, 2015. A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 Expected U.S. federal income taxes at statutory rate 35.00 % 35.00 % Income attributable to noncontrolling interests (4.93 )% (27.20 )% State and local income taxes, net of federal benefit 0.24 % 0.06 % Non-deductible expenses (0.69 )% 0.14 % Tax credits (0.54 )% (0.15 )% Impact of tax rate change due to tax reform 43.15 % — % Other 0.39 % 0.81 % Valuation allowance (4.49 )% (3.65 )% Income tax expense 68.13 % 5.01 % The Company’s effective tax rate includes the net tax expense associated with remeasuring its deferred tax assets, deferred tax liabilities and related valuation allowances to reflect the enacted federal rate, and rate benefit attributable to the fact that Station Holdco operates as a limited liability company which is not subject to federal income tax. Accordingly, the Company is not liable for income taxes on the portion of Station Holdco’s earnings attributable to noncontrolling interests. The components of deferred tax assets and liabilities are as follows (amounts in thousands): Year Ended December 31, 2017 2016 Deferred tax assets Investment in partnership $ 159,272 $ 256,983 Payable pursuant to tax receivable agreement 30,296 91,144 Total gross deferred tax assets 189,568 348,127 Valuation allowance (57,348 ) (103,661 ) Total deferred tax assets, net of valuation allowance $ 132,220 $ 244,466 The Company recorded a reduction to the net deferred tax asset resulting from the outside basis difference of its interest in Station Holdco. The Company also recorded a reduction to the deferred tax asset for its liability related to payments to be made pursuant to the TRA representing 85% of the tax savings the Company expects to receive from the amortization deductions associated with the step up in the basis of depreciable assets under Section 754 of the Internal Revenue Code. This deferred tax asset will be recovered as cash payments are made to the TRA participants. Both of these deferred tax assets were initially recorded through equity. At December 31, 2017 , the Company had a federal net operating loss carryforward of approximately $30.3 million . The federal net operating loss carryforward will begin to expire in 2037. The Company also had $1.7 million of additional tax attributes, including tax credits, at December 31, 2017 . Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. As a result of this analysis, the Company determined that the deferred tax asset related to acquiring its interest in Station Holdco through the newly issued LLC Units is not expected to be realized unless the Company disposes of its investment in Station Holdco. Accordingly, as part of the Reorganization Transactions in May 2016, the Company established a valuation allowance of $109.4 million against this portion of its deferred tax asset, which was also recorded through equity. The Company recognizes subsequent changes to the valuation allowance through the provision for income tax or other comprehensive (loss) income , as applicable, and at December 31, 2017 and 2016 , the valuation allowance was $57.3 million and $103.7 million , respectively. Uncertain Tax Positions The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required at December 31, 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The first tax year subject to examination by taxing authorities for U.S. federal and state income tax purposes is 2015, though the Company reported no activity during that period. Additionally, although Station Holdco is treated as a partnership for U.S. federal and state income tax purposes, it is required to file an annual U.S. Return of Partnership Income, which is subject to examination by the Internal Revenue Service (“IRS”). The statute of limitations has expired for tax years through 2013 for Station Holdco. Tax Receivable Agreement Pursuant to the election under Section 754 of the Internal Revenue Code, the Company continues to expect to obtain an increase in its share of the tax basis in the net assets of Station Holdco when LLC Units are exchanged by Station Holdco’s noncontrolling interest holders and other qualifying transactions. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into the TRA with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such holders for 85% of the tax benefits realized by the Company by such exchange. The Company expects to realize these tax benefits based on current projections of taxable income. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. In connection with the new U.S. federal corporate rate enacted, the Company expects to realize fewer tax benefits at the time of each exchange of LLC Units, and as a result, the Company’s liability under the TRA was reduced by $135.1 million . For the years ended December 31, 2017 and 2016 , exchanges of LLC Units and Class B common shares resulted in increases of $22.8 million and $213.2 million , respectively, in amounts payable under the TRA liability and net increases of $24.6 million and $223.0 million , respectively, in deferred tax assets, all of which were recorded through equity. At December 31, 2017 and 2016 , the Company’s liability under the TRA was $141.9 million and $258.5 million , respectively, of which $17,000 and $1.0 million , respectively, are presented within current liabilities. In January 2018, the Company paid $5.0 million to a pre-IPO owner of Station Holdco in exchange for which the owner assigned to the Company all of its rights under the TRA and released the Company from all obligations thereunder. As a result, $21.9 million of the Company’s liability under the TRA was effectively extinguished. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest at a rate of LIBOR plus 5.00% . The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, Red Rock’s payment obligations would be accelerated based upon certain assumptions, including the assumption that the Company would have sufficient future taxable income to utilize such tax benefits. Tax Distributions Station Holdco is treated as a pass-through partnership for income tax reporting purposes. Federal, state and local taxes resulting from the pass-through taxable income of Station Holdco are obligations of its members. Net profits and losses are generally allocated to the members of Station Holdco (including the Company) in accordance with the number of LLC Units held by each member for tax reporting. The amended and restated operating agreement of Station Holdco provides for cash distributions to assist members (including the Company) in paying their income tax liabilities. Station Holdco paid tax distributions to noncontrolling interest holders of $26.5 million for the year ended December 31, 2017 and $30.4 million for the period from May 2, 2016 through December 31, 2016 . |
Acquisition of Palms Casino Res
Acquisition of Palms Casino Resort (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition of Palms Casino Resort [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisition of Palms Casino Resort On October 1, 2016, the Company completed its cash purchase of Palms in Las Vegas, which offers gaming, lodging accommodations, dining, and entertainment (the “Palms Acquisition”). The Company acquired 100% of the equity interests in Palms for $316.4 million . The Palms Acquisition was recorded using the acquisition method of accounting and accordingly, results of its operations have been included in the Company’s consolidated financial statements for periods subsequent to the acquisition date. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, which were based on management estimates and a third-party appraisal. The Company recognized the fair value of the assets acquired and liabilities assumed and expensed transaction costs as incurred. The following condensed balance sheet presents the fair values of the assets acquired and liabilities assumed (amounts in thousands): As of October 1, 2016 Cash and cash equivalents $ 10,506 Restricted cash 2,152 Receivables, net 5,725 Inventories 1,614 Prepaid expenses and other assets 3,490 Property and equipment 302,011 Intangible assets, net 15,875 Liabilities assumed (24,980 ) Total identifiable net assets $ 316,393 Acquired property and equipment consisted of the following (amounts in thousands): As recorded at fair value Land $ 35,033 Buildings and improvements 253,192 Furniture, fixtures and equipment 13,786 Total property and equipment acquired $ 302,011 Acquired intangible assets and liabilities consisted of the following (amounts in thousands): Estimated useful life (years) As recorded at fair value Condominium rental contracts 20 $ 9,000 Palms Resort trademark rights 15 6,000 Reservation backlog 2 2,000 Customer relationships 15 800 Below market leases, net 2 - 15 (1,925 ) Total intangible assets acquired, net $ 15,875 Pro forma results of operations have not been provided as the acquisition was not material to the Company. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans 401(k) Plan The Company has a defined contribution 401(k) plan (the “401(k) Plan”) which covers all employees who meet certain age and length of service requirements and allows an employer contribution of up to 50% of the first 4% of each participating employee’s compensation contributed to the plan. Participants may elect to defer pretax compensation through payroll deductions. These deferrals are regulated under Section 401(k) of the Internal Revenue Code. The Company recorded expense for matching contributions of $4.1 million , $3.4 million and $3.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Palms 401(k) Plan In connection with the Palms Acquisition, the Company acquired a defined contribution 401(k) plan (the “Palms 401(k) Plan”), which covered substantially all employees of Palms who had met certain age requirements. Employees were eligible to participate on their first day of employment. Palms could make discretionary contributions to the Palms 401(k) Plan based on its profitability. No matching contributions were made to the Palms 401(k) Plan during the three months ended December 31, 2016 . The Palms 401(k) Plan was merged into the Company’s 401(k) plan effective January 1, 2017 . Palms Pension Plan In connection with the Palms Acquisition, the Company acquired a single-employer defined benefit pension plan (the “Pension Plan”), which covers eligible employees of Palms. The Pension Plan provides a cash balance form of pension benefits for eligible Palms employees who met certain age and length of service requirements. There has been a plan curtailment since 2009, and as of the curtailment date, new participants were no longer permitted, and existing participants’ accrual of benefits for future service ceased. The following table provides information about the changes in benefit obligation and the fair value of plan assets (amounts in thousands): Year Ended December 31, 2017 Three Months Ended December 31, 2016 Change in Benefit Obligation: Beginning benefit obligation (accumulated and projected) $ 13,728 $ 14,689 Interest cost 536 131 Actuarial loss (gain) 940 (205 ) Benefits paid (464 ) (334 ) Other (610 ) (553 ) Ending benefit obligation (accumulated and projected) 14,130 13,728 Change in Fair Value of Plan Assets: Beginning fair value of plan assets 9,228 10,228 Actual return on plan assets 813 (113 ) Employer contributions 250 — Benefits paid (464 ) (334 ) Other (610 ) (553 ) Fair value of plan assets at end of year 9,217 9,228 Net funded status at December 31 $ (4,913 ) $ (4,500 ) The Company’s qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. The Company expects to contribute $0.9 million to the Pension Plan for the year ending December 31, 2018 and the Company does not expect any plan assets to be returned in the year ending December 31, 2018 . The table below presents the components of pension expense incurred subsequent to the October 1, 2016 acquisition of the Palms (amounts in thousands): Year Ended December 31, 2017 Three Months Ended Components of net periodic benefit cost: Interest cost $ 536 $ 131 Expected return on plan assets (192 ) (86 ) Effect of settlement 13 — Net periodic benefit cost 357 45 Other changes recognized in Other Comprehensive Income: Net loss (gain) 319 (6 ) Amount recognized due to settlement (13 ) — Total recognized in other comprehensive income 306 (6 ) Total recognized in net periodic benefit cost and other comprehensive income $ 663 $ 39 The Company did not incur any service costs or amortize any net gains or losses within the net periodic benefit costs of the Pension Plan during the year ended December 31, 2017 or the three months ended December 31, 2016 . Amounts recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 related to the Pension Plan consisted of the following (amounts in thousands): December 31, 2017 2016 Long-term liabilities $ 4,913 $ 4,500 Net actuarial loss (gain) recognized in Accumulated Other Comprehensive Income 300 (6 ) The Company does not expect to amortize any net actuarial loss from accumulated other comprehensive income into net pension expense during 2018 . The following table presents the weighted-average actuarial assumptions used to calculate the net periodic benefit cost and obligation: Year Ended December 31, 2017 Three Months Ended December 31, 2016 Net periodic benefit cost Discount rate 4.15% 3.85% Expected long-term rate of return 5.80% 6.30% Rate of compensation increase n/a n/a Benefit obligations Discount rate 3.60% 4.15% Rate of compensation increase n/a n/a The discount rate used reflects the expected future benefit payments based on plan provisions and participant data as of the beginning of the plan year. The expected future cash flows are discounted by a pension discount yield curve on measurement dates and modified as deemed necessary. The expected return on plan assets uses a weighted-average rate based on the target asset allocation of the plan and capital market assumptions developed with a primary focus on forward-looking valuation models and market indicators. The key inputs for these models are future inflation, economic growth, and interest rate environment. The composition of the Pension Plan assets at December 31, 2017 , along with the targeted mix of assets, is presented below: Target December 31, 2017 Fixed Income 50 % 49 % Domestic Income 20 % 21 % International Equity 12 % 15 % Long/Short Equity 10 % 10 % Other 8 % 5 % 100 % 100 % The investment strategy for the Company’s defined benefit plan assets covers a diversified mix of assets, including equity and fixed income securities and real estate. Assets are managed within a risk management framework which addresses the need to generate incremental returns in the context of an appropriate level of risk, based on plan liability profiles and changes in funded status. The return objectives are to satisfy funding obligations when and as prescribed by law and to minimize the risk of large losses primarily through diversification. Entities are required to use a fair value hierarchy to measure the plan assets. See Note 2 for a description of the fair value hierarchy. The fair values of the Pension Plan assets at December 31, 2017 and 2016 by asset category were as follows (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed Income $ 4,547 $ 4,547 $ — $ — Domestic Income 1,902 189 1,713 — International Equity 1,387 1,106 281 — Long/Short Equity 919 919 — — Other 462 — 462 — $ 9,217 $ 6,761 $ 2,456 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed Income $ 4,769 $ 4,294 $ 475 $ — Domestic Income 1,942 188 1,754 — International Equity 1,285 1,054 231 — Long/Short Equity 825 825 — — Other 407 — 407 — $ 9,228 $ 6,361 $ 2,867 $ — At December 31, 2017 , expected benefit payments for the next ten years were as follows (amounts in thousands): Years ending December 31, 2018 $ 1,890 2019 580 2020 610 2021 1,580 2022 1,290 2023 - 2027 4,060 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Prior to April 27, 2017, the Company leased the land on which each of Boulder Station and Texas Station is located pursuant to long-term ground leases through 2058 and 2060, respectively. The Company leased this land from entities owned by the Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust (the “Related Party Lessor”). Frank J. Fertitta, Jr. and Victoria K. Fertitta are the parents of Frank J. Fertitta III, the Company’s Chairman and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman. On April 27, 2017, the Company acquired the land (formerly subject to the ground leases), including the residual interest in the gaming and hotel facilities and other real property improvements thereon (the “Gaming Facilities”), for aggregate consideration of $120.0 million . Concurrently with the land acquisition, the Company assumed a long-term ground lease with an unrelated third-party lessor for an adjacent parcel of land at Boulder Station that previously had been subleased from the Related Party Lessor. The assumed ground lease terminates in 2089 and provides for monthly rental payments of approximately $14,000 , subject to annual increases of 3% to 6% based on a cost of living factor. During the year ended December 31, 2017 , the Company recognized a charge of $100.3 million in related party lease termination costs, which was an amount equal to the difference between the aggregate consideration paid by the Company and the fair value of the net assets acquired, including the land and residual interests in the Gaming Facilities and the assumed lease obligation. The transaction conveyed ownership of the land and interests (current and residual) in the Gaming Facilities to the Company, decreased rent expense over the maximum term of the leases by approximately $300 million , and generated a tax benefit of approximately $35 million to Red Rock and the other owners of Station Holdco. The Company’s lease payments under the related party leases totaled approximately $2.3 million for the period from January 1, 2017 to April 27, 2017, and $7.1 million and $6.9 million for the years ended December 31, 2016 and 2015 , respectively, which is included in selling, general and administrative expense in the Consolidated Statements of Income . Under the TRA described in Note 17 , the Company is required to make payments to certain pre-IPO owners of Station Holdco for 85% of the tax benefits realized by the Company as a result of certain transactions with the pre-IPO owners. At December 31, 2017 and 2016 , $9.2 million and $21.6 million , respectively, of the Company’s liability under the TRA was payable to entities related to Frank J. Fertitta III and Lorenzo J. Fertitta, and at December 31, 2017 , $9.0 million was payable to current and former executives of the Company. As described in Note 1 , during the year ended December 31, 2016, the Company purchased LLC Units from Continuing Owners using a portion of the net proceeds from the IPO, including $44.6 million paid to entities controlled by Frank J. Fertitta III and Lorenzo J. Fertitta. The Company also completed the Fertitta Entertainment Acquisition in May 2016. Prior to the Fertitta Entertainment Acquisition, Fertitta Entertainment held a non-recourse secured note receivable due April 30, 2019 from Fertitta Investment LLC (“FI”), the parent of FI Station Investor LLC, an entity controlled by Frank J. Fertitta III and Lorenzo J. Fertitta, under which Fertitta Entertainment could lend or advance up to a maximum of $15.0 million . The principal balance accrued interest at an annual rate of 4.99% . The carrying amount of the note receivable was $17.6 million at December 31, 2015, which included unpaid interest of $2.7 million . The note receivable was paid in full in April 2016. Fertitta Entertainment entered into various agreements for partial use of and to share in the cost of aircraft with Fertitta Enterprises, Inc., a company owned by the Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust. The agreements were terminated in April 2016. Selling, general and administrative expenses related to these agreements were $1.1 million and $2.2 million for the years ended December 31, 2016 and 2015, respectively. In April 2016, Fertitta Entertainment sold all of the outstanding membership interest in FE Aviation II LLC (“FE Aviation”) to Fertitta Business Management LLC, an entity controlled by Frank J. Fertitta III and Lorenzo J. Fertitta for $8.0 million . The carrying amount of FE Aviation exceeded the sales price by approximately $0.5 million , which was recognized as a deemed distribution. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to Red Rock by the weighted-average number of shares of Class A common stock outstanding during the period. The calculation of diluted earnings per share gives effect to all potentially dilutive shares, including shares issuable pursuant to outstanding stock options and nonvested restricted shares of Class A common stock, based on the application of the treasury stock method, and outstanding Class B common stock that is exchangeable, along with an equal number of LLC Units, for Class A common stock, based on the application of the if‑converted method. Dilutive shares included in the calculation of diluted earnings per share for the year ended December 31, 2017 represent outstanding shares of Class B common stock, nonvested restricted shares of Class A common stock and outstanding stock options. Dilutive shares included in the calculation of diluted earnings per share for the year ended December 31, 2016 represent nonvested restricted shares of Class A common stock. All other potentially dilutive shares have been excluded from the calculation of diluted earnings per share because their inclusion would have been antidilutive. For purposes of calculating earnings per share for periods prior to the IPO, including the year ended December 31, 2016 for which a portion of the period preceded the IPO, the Company has retrospectively presented earnings per share as if the Reorganization Transactions had occurred at the beginning of the earliest period presented. Such retrospective presentation reflects approximately 10 million Class A shares outstanding, representing the LLC Units held by the Merging Blockers, which were the only LLC Units exchanged for Class A shares in the Reorganization Transactions. Accordingly, for periods prior to the IPO, the Company has applied a hypothetical allocation of net income to the Class A common stock, with the remainder of net income being allocated to noncontrolling interests. For periods prior to the IPO date, the retrospective presentation does not include the 29.5 million shares of Class A common stock issued in the IPO. This hypothetical allocation of net income differs from the allocation of net income to Red Rock and noncontrolling interests presented in the Consolidated Statements of Income, which assumes no noncontrolling interest in Station Holdco existed prior to the IPO. A reconciliation of the numerator used in the calculation of basic earnings per share is presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Income from continuing operations, basic $ 63,039 $ 155,775 $ 143,418 Less income from continuing operations attributable to noncontrolling interests, basic (a) (27,887 ) (120,483 ) (128,289 ) Income from continuing operations attributable to Red Rock, basic (a) $ 35,152 $ 35,292 $ 15,129 Loss from discontinued operations, basic $ — $ — $ (166 ) Add loss from discontinued operations attributable to noncontrolling interests, basic (a) — — 156 Loss from discontinued operations attributable to Red Rock, basic (a) $ — $ — $ (10 ) Net income, basic $ 63,039 $ 155,775 $ 143,252 Less net income attributable to noncontrolling interests, basic (a) (27,887 ) (120,483 ) (128,133 ) Net income attributable to Red Rock, basic (a) $ 35,152 $ 35,292 $ 15,119 __________________________________________________________ (a) Amounts for the years ended December 31, 2016 and 2015 include the retrospective allocation of net income as if the Reorganization Transactions had occurred at the beginning of the earliest period presented. A reconciliation of the numerator used in the calculation of diluted earnings per share is presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Income from continuing operations attributable to Red Rock, basic $ 35,152 $ 35,292 $ 15,129 Effect of dilutive securities 13,669 (102 ) — Income from continuing operations attributable to Red Rock, diluted $ 48,821 $ 35,190 $ 15,129 Loss from discontinued operations attributable to Red Rock, basic $ — $ — $ (10 ) Effect of dilutive securities — — — Loss from discontinued operations attributable to Red Rock, diluted $ — $ — $ (10 ) Net income attributable to Red Rock, basic $ 35,152 $ 35,292 $ 15,119 Effect of dilutive securities 13,669 (102 ) — Net income attributable to Red Rock, diluted $ 48,821 $ 35,190 $ 15,119 The denominators used in the calculation of basic and diluted earnings per share are presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Weighted-average shares of Class A common stock outstanding, basic 67,397 34,141 9,888 Effect of dilutive securities 48,533 144 — Weighted-average shares of Class A common stock outstanding, diluted 115,930 34,285 9,888 The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): Years Ended December 31, 2017 2016 2015 Shares issuable in exchange for Class B common stock and LLC Units — 49,956 80,335 Share issuable upon exercise of stock options 3,677 1,637 — Share issuable upon vesting of restricted stock 11 5 — Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, separate presentation of earnings per share of Class B common stock under the two-class method has not been presented. The shares of Class B common stock are not dilutive under the if-converted method, and therefore are not included in the calculation of diluted earnings per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases Wild Wild West Lease Station LLC leases from a third-party lessor the 20 -acre parcel of land on which Wild Wild West is located and is a party to a purchase agreement for the land. The significant terms of the agreement include (i) annual rent adjustments through January 2020 and every three years thereafter, (ii) options under which Station LLC may purchase the land at any time through 2019 at established fixed prices, (iii) a one-time termination option at Station LLC’s election in 2019, and (iv) options under which Station LLC may purchase the land in July 2023, 2044 and 2065 for a purchase price equal to fair market value at July 2022, 2043 and 2064, respectively. Monthly rental payments under the Wild Wild West lease were $135,298 for the year ended December 31, 2017 , which increased to $138,680 in January 2018. Other Operating Leases In addition to the lease described above, the Company also leases certain other land, buildings and equipment used in its operations, which have operating lease terms expiring through 2089 . Future minimum lease payments required under all operating leases with initial or remaining non-cancelable lease terms in excess of one year are as follows (amounts in thousands): Years Ending December 31, 2018 $ 3,057 2019 3,084 2020 5,079 2021 4,487 2022 4,431 Thereafter 211,792 $ 231,930 Rent expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Rent expense $ 4,661 $ 8,968 $ 8,644 Legal Matters The Company and its subsidiaries are defendants in various lawsuits relating to routine matters incidental to their business. No assurance can be provided as to the outcome of any legal matters and litigation inherently involves significant costs. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as individual operating segments. The Company aggregates all of its Las Vegas operating segments into one reportable segment because all of its Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American management arrangements into one reportable segment. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2017 2016 2015 Net revenues Las Vegas operations $ 1,491,919 $ 1,336,177 $ 1,258,207 Native American management 117,968 110,962 88,277 Reportable segment net revenues 1,609,887 1,447,139 1,346,484 Corporate and other 5,729 5,288 5,651 Net revenues $ 1,615,616 $ 1,452,427 $ 1,352,135 Net income $ 63,039 $ 155,775 $ 143,252 Adjustments Depreciation and amortization 178,217 156,668 137,865 Share-based compensation 7,922 6,893 19,726 Write-downs and other charges, net 29,584 24,591 10,679 Tax receivable agreement liability adjustment (139,300 ) 739 — Related party lease termination 100,343 — — Asset impairment 1,829 — 6,301 Interest expense, net 131,442 140,189 144,489 Loss on extinguishment/modification of debt, net 16,907 7,270 90 Change in fair value of derivative instruments (14,112 ) (87 ) 1 Adjusted EBITDA attributable to MPM noncontrolling interest (15,262 ) (14,675 ) (14,192 ) Provision for income tax 134,755 8,212 — Other 1,000 (1,133 ) 3,203 Adjusted EBITDA (a) $ 496,364 $ 484,442 $ 451,414 Adjusted EBITDA Las Vegas operations $ 432,758 $ 423,692 $ 410,301 Native American management 95,897 87,259 66,622 Reportable segment Adjusted EBITDA 528,655 510,951 476,923 Corporate and other (32,291 ) (26,509 ) (25,509 ) Adjusted EBITDA $ 496,364 $ 484,442 $ 451,414 December 31, 2017 2016 Total assets Las Vegas operations $ 3,017,323 $ 2,883,733 Native American management 47,495 61,379 Corporate and other 554,792 581,043 $ 3,619,610 $ 3,526,155 ____________________________________ (a) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other charges, net, tax receivable agreement liability adjustment, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, provision for income tax and other, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM. The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $248.4 million , $162.4 million and $129.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) Quarterly financial information is presented below (amounts in thousands, except per share data): Year Ended December 31, 2017 First Quarter Second Quarter (a) Third Quarter Fourth Quarter (b) Net revenues $ 417,732 $ 403,493 $ 400,370 $ 394,021 Operating income (loss) 92,402 (31,229 ) 56,463 212,763 Net income (loss) 45,214 (50,494 ) 22,308 46,011 Net income (loss) attributable to Red Rock Resorts, Inc. 19,783 (25,920 ) 11,780 29,509 Earnings (loss) per share, basic $ 0.30 $ (0.39 ) $ 0.17 $ 0.43 Earnings (loss) per share, diluted $ 0.30 $ (0.39 ) $ 0.16 $ 0.35 ____________________________________ (a) See Note 20 for a discussion of the related party lease termination. (b) See Note 17 for a discussion of the effects of the recently passed tax reform bill. Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 359,247 $ 351,486 $ 347,140 $ 394,554 Operating income 93,962 69,874 73,349 72,261 Net income 59,503 21,728 33,444 41,100 Net income attributable to Red Rock Resorts, Inc. 57,639 5,653 8,272 20,403 Earnings per share, basic and diluted $ 0.64 $ 0.01 $ 0.20 $ 0.37 |
Schedule II- Valuation and Qual
Schedule II- Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS RED ROCK RESORTS, INC. For the Years Ended December 31, 2017, 2016 and 2015 (in thousands) Balance at Beginning of Year Additions Deductions Balance at End of Year Description Deferred income tax asset valuation allowance: 2017 $ 103,661 $ — $ (46,313 ) $ 57,348 2016 — 109,398 (5,737 ) 103,661 2015 — — — — |
Basis of Presentation and Sum34
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Prior to the IPO, Red Rock had no operations or net assets. Red Rock’s predecessor for accounting purposes was Station Holdco, as combined with Fertitta Entertainment, and accordingly, the accompanying financial statements represent the combined financial statements of Station Holdco and Fertitta Entertainment for periods prior to the IPO. The amounts shown in the accompanying consolidated financial statements also include the accounts of MPM Enterprises, LLC (“MPM”), which is a 50% owned, consolidated VIE that managed a Native American casino in Allegan County, Michigan through February 2018. The financial position and results of operations attributable to third party holdings of MPM are reported within noncontrolling interest in the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. Investments in all other 50% or less owned affiliated companies are accounted for using the equity method. |
Reclassification, Policy [Policy Text Block] | Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on the previously reported net income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements The Company accounts for certain assets and liabilities at fair value, and utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The accounting guidance for fair value measurements and disclosures also provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with an original maturity of 90 days or less. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists of reserve funds for the Company’s condominium operations at Palms Casino Resort. |
Receivables, Net and Credit Risk | Receivables, Net and Credit Risk Receivables, net consist primarily of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. At December 31, 2017 and 2016 , the allowance for doubtful accounts was $1.2 million and $2.3 million , respectively. Management believes there are no significant concentrations of credit risk. |
Inventories | Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets as held for sale when an asset or asset group meets all of the held for sale criteria in the accounting guidance for impairment and disposal of long-lived assets. Assets held for sale are initially measured at the lower of their carrying amount or fair value less cost to sell. At December 31, 2017 and 2016 , assets held for sale represented certain undeveloped land in Las Vegas. |
Property and Equipment | Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 7 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other charges, net. Assets recorded under capital leases are included in property and equipment and amortization of assets recorded under capital leases is included in depreciation expense and accumulated depreciation. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is highly dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, the Company accounts for the change prospectively. |
Native American Development Costs | Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes (the “Tribes”). In accordance with the accounting guidance for real estate, costs for the acquisition and related development of land and the casino facilities are capitalized as long-term assets. The Company capitalizes interest on Native American development projects when activities are in progress to prepare the asset for its intended use. The assets are typically transferred to the Tribe when the Tribe secures third-party financing or the gaming facility is completed. Upon transfer of the assets to the Tribe, a long-term receivable is recognized in an amount equal to any remaining carrying amount that has not yet been recovered from the Tribe. The Company earns a return on the costs incurred for the acquisition and development of Native American development projects. The Company accounts for the return earned on Native American development costs using the cost recovery method described in the accounting guidance for real estate sales . In accordance with the cost recovery method, recognition of the return is deferred until the assets are transferred to the Tribe, the carrying amount of the assets has been fully recovered and the return is realizable. Repayment of the advances and the return typically is funded from the Tribe’s third-party financing, from the cash flows of the gaming facility, or both. The Company evaluates its Native American development costs for impairment whenever events or changes in circumstances indicate that the carrying amount of a project might not be recoverable, taking into consideration all available information. Among other things, the Company considers the status of the project, any contingencies, the achievement of milestones, any existing or potential litigation, and regulatory matters when evaluating its Native American projects for impairment. If an indicator of impairment exists, the Company compares the estimated future cash flows of the project, on an undiscounted basis, to its carrying amount. If the undiscounted expected future cash flows do not exceed the carrying amount, the asset is written down to its estimated fair value, which typically is estimated based on a discounted future cash flow model or market comparables, when available. The Company estimates the undiscounted future cash flows of a Native American development project based on consideration of all positive and negative evidence about the future cash flow potential of the project including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. |
Goodwill | Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets primarily represent brands. The fair value of the Company’s brands is estimated using a derivation of the income approach to valuation, based on estimated royalties avoided through ownership of the assets, utilizing market indications of fair value. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its management contracts and customer relationships, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s management contract intangible assets represent the value associated with agreements under which the Company provides management services to various casino properties, primarily Native American casinos which it has developed. The fair values of management contract intangible assets were determined using discounted cash flow techniques based on future cash flows expected to be received in exchange for providing management services. The Company amortizes its management contract intangible assets over their expected useful lives using the straight-line method, beginning when the property commences operations and management fees are being earned. Should events or changes in circumstances cause the carrying amount of a management contract intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. The Company’s customer relationship intangible assets primarily represent the value associated with its rated casino guests. The initial fair values of customer relationship intangible assets were estimated based on a variation of the cost approach. The recoverability of the Company’s customer relationship intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. |
Debt Discounts and Debt Issuance Costs | Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. |
Derivative Instruments | Derivative Instruments The Company uses interest rate swaps to hedge its exposure to variability in expected future cash flows related to interest payments. In accordance with the accounting guidance for derivatives and hedging activities, the Company records all derivatives on the balance sheet at fair value. The fair values of the Company’s derivatives are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The accounting for changes in fair value of derivative instruments depends on the intended use of the derivative and whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting. For derivative instruments that are not designated as cash flow hedges of forecasted interest payments, all changes in fair value of the derivative instruments are presented in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs. The Company classifies cash flows for derivative instruments not designated as cash flow hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are designated and qualify as cash flow hedges of forecasted interest payments, the Company defers the effective portion of the change in fair value of the derivative instruments as a component of other comprehensive (loss) income until the interest payments being hedged are recorded as interest expense, at which time the amounts in accumulated other comprehensive income are reclassified as an adjustment to interest expense. Gains or losses on any ineffective portion of the change in fair value of derivative instruments designated in cash flow hedging relationships are recorded in the period in which they occur as a component of Change in fair value of derivative instruments in the Consolidated Statements of Income . The Company classifies cash flows for derivative instruments accounted for as cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. Cash flows related to cash flow hedges that include other-than-insignificant financing elements at inception are classified as financing activities. |
Comprehensive Income (Loss) | Comprehensive Income Comprehensive income includes net income and other comprehensive (loss) income , which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’/Members’ Equity, and accumulated other comprehensive income is included in stockholders’ equity on the Consolidated Balance Sheets. |
Revenue and Promotional Allowances | Revenues and Promotional Allowances The Company recognizes the net win from gaming activities as casino revenues, which is the difference between gaming wins and losses. The Company recognizes liabilities for funds deposited by customers before gaming play occurs and for chips in the customers’ possession. Casino revenues are recognized net of discounts and certain incentives provided to customers under the Company’s player rewards program, such as cash back and free slot play. Food and beverage, hotel, and other operating revenues are recognized as the service is provided. Other revenues primarily include revenues from tenant leases, retail outlets, bowling, spas and entertainment. Rental income is recognized over the lease term and contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. Management fee revenue is recognized when the services have been performed, the amount of the fee is determinable and collectability is reasonably assured. Management fee revenue includes reimbursable costs, which represent amounts received or due pursuant to the Company’s management agreements with Native American tribes for the reimbursement of expenses, primarily payroll costs, that it incurs on their behalf. The Company recognizes reimbursable cost revenue on a gross basis, with an offsetting amount charged to operating expense. The retail value of complimentary goods and services provided to customers is recorded as revenue with an offsetting amount included in promotional allowances. |
Player Rewards Program | Player Rewards Program The Company has a player rewards program (the “Rewards Program”) which allows customers to earn points based on their gaming activity and non-gaming purchases. Points may be redeemed at all of the Company’s Las Vegas area properties for cash, free slot play, food, beverage, rooms, entertainment and merchandise. The Company records a liability for the estimated cost of outstanding points earned under the Rewards Program that management believes ultimately will be redeemed, which totaled $14.2 million and $13.4 million at December 31, 2017 and 2016 , respectively. The estimated cost of points expected to be redeemed for cash and free slot play under the Rewards Program reduces casino revenue. The estimated cost of points expected to be redeemed for food, beverage, rooms, entertainment and merchandise is charged to casino expense. Cost is estimated based on assumptions about the mix of goods and services for which points will be redeemed and the incremental departmental cost of providing the goods and services. |
Slot Machine Jackpots | Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. |
Gaming Taxes | Gaming Taxes The Company is assessed taxes based on gross gaming revenue, subject to applicable jurisdictional adjustments. Gaming taxes are included in casino costs and expenses in the Consolidated Statements of Income . |
Share-Based Compensation | Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. |
Advertising | Advertising The Company expenses advertising costs the first time the advertising takes place. Advertising expense is primarily included in selling, general and administrative expense in the Consolidated Statements of Income . |
Income Taxes | Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco continues to operate as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required to be recorded at December 31, 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The Company will recognize interest and penalties related to income taxes, if any, within the provision for income taxes. The Company has incurred no interest or penalties related to income taxes in any of the periods presented. |
Tax Receivable Agreement with Related Parties [Policy Text Block] | Tax Receivable Agreement with Related Parties In connection with the IPO, the Company entered into a tax receivable agreement (“TRA”) with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such parties for 85% of the tax benefits realized by the Company by such exchange. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. When an exchange transaction occurs, the Company initially recognizes the related TRA liability through a charge to equity, and any subsequent adjustments to the liability are recorded through the statements of income. As a result of exchanges of LLC Units for Class A common stock and purchases by the Company of LLC Units from holders of such units, the Company is entitled to a proportionate share of the existing tax basis of the assets of Station Holdco at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of Station Holdco that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable and amortizable basis. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, it would not be required to make the related TRA payments. The Company will only recognize a liability for TRA payments if management determines it is probable that it will generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. If management determines in the future that the Company will not be able to fully utilize all or part of the related tax benefits, it would derecognize the portion of the liability related to the benefits not expected to be utilized. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, the Company considers its historical results and incorporates certain assumptions, including revenue growth, and operating margins, among others. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest at a rate of LIBOR plus 5.00% . The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, the Company’s payment obligations would be accelerated based upon certain assumptions, including the assumption that it would have sufficient future taxable income to utilize such tax benefits. Additionally, the Company estimates the amount of TRA payments expected to be paid within the next twelve months and classifies this amount within current liabilities on its Consolidated Balance Sheets. This determination is based on management’s estimate of taxable income for the next fiscal year. To the extent the Company’s estimate differs from actual results, it may be required reclassify portions of the liability under the TRA between current and non-current. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Red Rock by the weighted-average number of Class A shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Red Rock, including the impact of potentially dilutive securities, by the weighted-average number of Class A shares outstanding during the period, including the number of Class A shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include the outstanding Class B common stock, outstanding stock options and unvested restricted stock. The Company uses the “if-converted” method to determine the potentially dilutive effect of its Class B common stock, and the treasury stock method to determine the potentially dilutive effect of outstanding stock options and unvested restricted stock. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations In 2014, Station LLC’s majority-owned consolidated subsidiary, Fertitta Interactive LLC (“Fertitta Interactive”), ceased operations. Fertitta Interactive previously operated online gaming in New Jersey and online poker in Nevada under the Ultimate Gaming and Ultimate Poker brands, respectively. The results of operations of Fertitta Interactive are reported in discontinued operations in the Consolidated Statements of Income . |
Recently Issued and Recently Adopted Accounting Standards | Recently Issued and Adopted Accounting Standards In August 2017, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amended guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amended guidance also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The amended guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company expects to adopt this guidance in the first quarter of 2019 and does not expect its adoption to have a material impact on the Company’s financial position or results of operations. In May 2017, the FASB issued accounting guidance that amends the scope of modification accounting for share-based payment arrangements. The amended guidance clarifies which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The amended guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted. The Company will adopt this guidance in the first quarter of 2018. The adoption is not expected to have a material impact on the Company’s financial position or results of operations. In January 2017, the FASB issued amended accounting guidance to simplify the test for goodwill impairment. The amended guidance removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Under the new guidance, goodwill impairment is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, and the impairment charge is limited to the amount of goodwill allocated to the reporting unit. The guidance is effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment tests performed after January 1, 2017. The Company adopted this guidance in the fourth quarter of 2017 in conjunction with its annual goodwill impairment test. The adoption did not have an impact on the Company’s financial position or results of operations. In November 2016, the FASB issued amended accounting guidance on the presentation of restricted cash in the statement of cash flows. This amendment requires that a statement of cash flows explain the change during the reporting period in the total of cash, cash equivalents, and restricted cash or restricted cash equivalents. The amended guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted. The Company will adopt this guidance in the first quarter of 2018. In August 2016, the FASB issued amended accounting guidance intended to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendment addresses specific cash flow issues including the presentation and classification of debt prepayment or debt extinguishment costs and distributions received from equity method investees. The amended guidance also addresses the presentation and classification of separately identifiable cash flows and the application of the predominance principle. The amended guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted. The Company will adopt this guidance in the first quarter of 2018. The Company is currently evaluating the impact this guidance will have on its statement of cash flows. In February 2016, the FASB issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes the existing accounting guidance for revenue recognition, including industry-specific guidance, and amends certain accounting guidance for recognition of gains and losses on the transfer of non-financial assets. For public companies, the new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Upon adoption, financial statement issuers may elect to apply the new standard either retrospectively to each prior reporting period presented, or using a modified retrospective approach by recognizing the cumulative effect of initial application and providing certain additional disclosures. The Company will adopt this guidance in the first quarter of 2018 and has elected to apply the full retrospective adoption method. Under the new standard, the current presentation of gross revenues for complementary goods and services provided to guests with a corresponding offsetting amount included in promotional allowances will be eliminated. When guests earn points under the Rewards Program, the Company will recognize a liability for the retail value of its performance obligations, which will primarily reduce casino revenue. Currently, the Company records a liability for the estimated cost of points earned under the Rewards Program. The adoption of the new standard will also change the classification of departmental costs incurred when complimentary goods and services are provided to guests, such that the costs will no longer be classified primarily within casino expense. When points are redeemed, revenues and expenses associated with providing complimentaries will be classified based on the goods and services provided. In addition to the changes in financial statement presentation described above, the adoption of the new accounting standard will also result in significantly expanded footnote disclosure, which will include detailed information about revenue recognition, performance obligations and significant judgments applied. The Company is currently finalizing the quantitative effects of the new standard on its financial statements and related disclosures. The adoption will not have a significant impact on net income. |
Basis of Presentation and Sum35
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cost of Providing Complimentary Goods and Services [Table Text Block] | The estimated departmental costs of providing such complimentary goods and services primarily are included in casino costs and expenses and consisted of the following (amounts in thousands): Year Ended December 31, 2017 2016 2015 Food and beverage $ 103,427 $ 95,906 $ 89,593 Room 10,261 6,761 6,216 Other 5,331 4,089 3,807 $ 119,019 $ 106,756 $ 99,616 |
Schedule of Gaming Tax Expense [Table Text Block] | Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Gaming tax expense $ 69,429 $ 63,626 $ 61,091 |
Schedule of Advertising Expense [Table Text Block] | Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Advertising expense $ 22,094 $ 21,144 $ 16,928 |
Noncontrolling Interest in St36
Noncontrolling Interest in Station Holdco (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest [Table Text Block] | The ownership of the LLC Units is summarized as follows: December 31, 2017 December 31, 2016 Units Ownership % Units Ownership % Red Rock 68,897,563 59.3 % 65,893,439 56.9 % Noncontrolling interest holders 47,264,413 40.7 % 49,956,296 43.1 % Total 116,161,976 100.0 % 115,849,735 100.0 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (amounts in thousands): December 31, 2017 2016 Land $ 256,173 $ 232,733 Buildings and improvements 2,315,124 2,255,580 Furniture, fixtures and equipment 534,286 476,916 Construction in progress 126,384 38,981 3,231,967 3,004,210 Accumulated depreciation and amortization (689,856 ) (566,081 ) Property and equipment, net $ 2,542,111 $ 2,438,129 |
Schedule of Depreciation Expense | Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Depreciation expense $ 158,327 $ 137,881 $ 119,530 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Table Text Block] | The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2017 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (10,006 ) 13,594 Management contracts 7 - 20 115,000 (92,980 ) 22,020 Condominium rental contracts 20 9,000 (562 ) 8,438 Trademarks 15 6,000 (500 ) 5,500 Beneficial leases 2 - 6 270 (72 ) 198 Other 2 2,000 (1,250 ) 750 Intangible assets 233,370 (105,370 ) 128,000 Liabilities Below market leases 15 - 72 4,145 (199 ) 3,946 Net intangibles $ 229,225 $ (105,171 ) $ 124,054 December 31, 2016 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (8,432 ) 15,168 Management contracts 7 - 20 115,000 (76,532 ) 38,468 Condominium rental contracts 20 9,000 (113 ) 8,887 Trademarks 15 6,000 (100 ) 5,900 Beneficial leases 2 - 9 3,570 (2,044 ) 1,526 Other 2 2,000 (250 ) 1,750 Intangible assets 236,670 (87,471 ) 149,199 Liabilities Below market lease 15 2,195 (36 ) 2,159 Net intangibles $ 234,475 $ (87,435 ) $ 147,040 |
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Table Text Block] | Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Amortization expense $ 19,890 $ 18,787 $ 18,335 |
Estimated annual amortization expense for intangible assets [Table Text Block] | Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2018 $ 10,632 2019 8,572 2020 7,545 2021 2,426 2022 2,401 |
Native American Development (Ta
Native American Development (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
North Fork Rancheria of Mono Indians (Mono) [Member] | |
Schedule of Development and Management Agreements | The following table summarizes the Company’s evaluation at December 31, 2017 of each of the critical milestones necessary to complete the North Fork Project. As of December 31, 2017 Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State (see North Fork Rancheria of Mono Indians v. State of California) to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted the Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the deficiency letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and IGRA, following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding with the City and County were amended in December 2016 to restructure the timing of certain payments due to delays in the development of the North Fork Project. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2017 2016 Accrued gaming and related $ 50,980 $ 46,744 Accrued payroll and related 51,095 44,202 Construction payables and equipment purchase accruals 39,673 17,642 Advance deposits 13,914 16,283 Other 21,151 28,271 $ 176,813 $ 153,142 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (amounts in thousands): December 31, 2017 2016 Term Loan B Facility, due June 8, 2023, interest at a margin above LIBOR or base rate (4.06% and 3.75% at December 31, 2017 and 2016, respectively), net of unamortized discount and deferred issuance costs of $53.2 million and $42.9 million at December 31, 2017 and 2016, respectively $ 1,780,193 $ 1,449,591 Term Loan A Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.36% and 3.20% at December 31, 2017 and 2016, respectively), net of unamortized discount and deferred issuance costs of $5.2 million and $7.4 million at December 31, 2017 and 2016, respectively 263,860 211,978 $781 million Revolving Credit Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.44% weighted average at December 31, 2016) — 120,000 5.00% Senior Notes, due October 1, 2025, net of deferred issuance costs of $6.4 million at December 31, 2017 543,596 — 7.50% Senior Notes, due March 1, 2021, net of unamortized discount and deferred issuance costs of $9.4 million at December 31, 2016 — 490,568 Restructured Land Loan, due June 17, 2017, interest at a margin above LIBOR or base rate (5.27% at December 31, 2016), net of unamortized discount of $0.6 million at December 31, 2016 — 115,378 Other long-term debt, weighted-average interest of 3.95% and 3.92% at December 31, 2017 and 2016, respectively, maturity dates ranging from 2027 to 2037 30,173 34,786 Total long-term debt 2,617,822 2,422,301 Current portion of long-term debt (30,094 ) (46,063 ) Long-term debt, net $ 2,587,728 $ 2,376,238 |
Debt Instrument Redemption [Table Text Block] | On or after October 1, 2020, Station LLC may redeem all or a portion of the 5.00% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning October 1, Percentage 2020 102.50 % 2021 101.25 % 2022 and thereafter 100.00 % |
Debt Instrument, Redemption [Line Items] | |
Minimum lease payments sale leaseback transaction [Table Text Block] | Minimum lease payments on the corporate office lease for each of the next five years are as follows (amounts in thousands): Years Ending December 31, 2018 $ 3,449 2019 3,493 2020 3,536 2021 3,580 2022 3,625 |
Schedule of Maturities of Long-term Debt | Scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter are as follows (amounts in thousands): Years Ending December 31, 2018 $ 30,094 2019 34,937 2020 82,044 2021 99,971 2022 277,236 Thereafter 2,158,366 2,682,648 Debt discounts and issuance costs (64,826 ) $ 2,617,822 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Information about pretax gains and losses on derivative financial instruments that were not designated in cash flow hedging relationships and their location within the Consolidated Statements of Income is presented below (amounts in thousands): Derivatives Not Designated in Cash Flow Hedging Relationships Location of Gain on Derivatives Recognized in Income Amount of Gain on Derivatives Recognized in Income Year Ended December 31, 2017 2016 2015 Interest rate swaps Change in fair value of derivative instruments $ 14,110 $ — $ — |
Schedule of Derivatives Instruments Statements of Operations and Balance Sheets, Location | Information about pretax gains and losses on derivative financial instruments that were designated in cash flow hedging relationships and their location within the consolidated financial statements is presented below (amounts in thousands): Derivatives Designated in Cash Flow Hedging Relationships Amount of (Loss) Gain on Derivatives Recognized in Other Comprehensive Income (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 Interest rate swaps $ (1,875 ) $ 8,035 $ (6,851 ) Interest expense, net $ (1,176 ) $ (5,066 ) $ (8,548 ) Derivatives Designated in Cash Flow Hedging Relationships Location of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2017 2016 2015 Interest rate swaps Change in fair value of derivative instruments $ 2 $ 87 $ (1 ) The fair values of Station LLC’s interest rate swaps, exclusive of accrued interest, as well as their classification on the Consolidated Balance Sheets, are presented below (amounts in thousands): December 31, 2017 2016 Interest Rate Swaps Not Designated in Cash Flow Hedging Relationships Prepaid expenses and other current assets $ 3,620 $ — Other assets, net 18,383 — Interest Rate Swaps Designated in Cash Flow Hedging Relationships Prepaid expenses and other current assets $ — $ 19 Other assets, net — 10,661 Other accrued liabilities — 8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets at Fair Value Recurring Basis and Fair Value Hierarchy | Information about the Company’s financial assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 22,003 $ — $ 22,003 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 248 $ 248 $ — $ — Interest rate swaps 10,680 — 10,680 — Liabilities Interest rate swaps $ 8 $ — $ 8 $ — |
Schedule of Long-Term Debt, Carrying Values and Estimated Fair Values | The estimated fair value of the Company’s long-term debt compared with its carrying amount is presented below (amounts in millions): December 31, 2017 2016 Aggregate fair value $ 2,677 $ 2,521 Aggregate carrying amount 2,618 2,422 |
Stockholders'_Members' Equity (
Stockholders'/Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents changes in accumulated other comprehensive income (loss) balances, net of tax and noncontrolling interest (amounts in thousands): Unrealized (loss) gain on interest rate swaps Unrealized (loss) gain on available-for-sale securities Unrecognized pension liability Total Balances, December 31, 2015 $ (5,279 ) $ (24 ) $ — $ (5,303 ) Unrealized gain arising during the period (a) 1,859 39 2 1,900 Amounts reclassified from accumulated other comprehensive income into income 3,001 — — 3,001 Net current-period other comprehensive income 4,860 39 2 4,901 Effects of reorganization transactions 3,768 7 — 3,775 Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (945 ) 30 — (915 ) Balances, December 31, 2016 2,404 52 2 2,458 Unrealized (loss) gain arising during the period (b) (236 ) 4 (39 ) (271 ) Amounts reclassified from accumulated other comprehensive income (loss) in to income (c) 144 (56 ) — 88 Net current-period other comprehensive loss (92 ) (52 ) (39 ) (183 ) Exchanges of noncontrolling interests for Class A common stock 228 — — 228 Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (30 ) — — (30 ) Balances, December 31, 2017 $ 2,510 $ — $ (37 ) $ 2,473 _______________________________________ (a) Net of $2.3 million tax expense . (b) Net of $1.0 million tax benefit . (c) Net of $0.5 million tax expense |
Schedule of Net Income Attributable to Parent | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco LLC (amounts in thousands): Year Ended December 31, 2017 2016 2015 Net income attributable to Red Rock Resorts, Inc. $ 35,152 $ 91,967 $ 137,658 Transfers from (to) noncontrolling interests: Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions — (362,908 ) — Exchanges of noncontrolling interests for Class A common stock 14,915 128,387 — Acquisition of subsidiary noncontrolling interests 2,850 — — Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (4,975 ) 1,277 — Net transfers from (to) noncontrolling interests 12,790 (233,244 ) — Change from net income attributable to Red Rock Resorts, Inc. and net transfers from (to) noncontrolling interests $ 47,942 $ (141,277 ) $ 137,658 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2017 1,637,029 $ 19.71 Granted 3,585,983 21.88 Exercised (128,258 ) 19.50 Forfeited or expired (846,289 ) 21.01 Outstanding at December 31, 2017 4,248,465 $ 21.29 6.0 $ 52,886 Unvested instruments expected to vest at December 31, 2017 3,987,296 $ 21.39 6.0 $ 49,248 Exercisable at December 31, 2017 261,169 $ 19.81 5.4 $ 3,637 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following information is provided for stock options awarded under the plan: Year Ended December 31, 2017 2016 Weighted-average grant date fair value $ 6.26 $ 6.05 Total intrinsic value of stock options exercised (amounts in thousands) $ 538 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used by the Company to estimate the grant date fair values of stock option awards were as follows: Year Ended December 31, 2017 2016 Expected stock price volatility 35.55 % 41.26 % Expected term (in years) 4.95 4.75 Risk-free interest rate 2.06 % 1.35 % Expected dividend yield 1.79 % 1.99 % |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of restricted stock activity is presented below: Shares Weighted-average grant date fair value Nonvested at January 1, 2017 222,487 $ 15.70 Granted 295,739 22.11 Vested (102,086 ) 11.37 Forfeited (107,830 ) 20.53 Nonvested at December 31, 2017 308,310 $ 21.60 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2017 2016 Weighted-average grant date fair value $ 22.11 $ 19.94 Total fair value of shares vested (amounts in thousands) $ 2,364 $ 2,830 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table presents the location of share-based compensation expense in the Consolidated Statements of Income (amounts in thousands): Year Ended December 31, 2017 2016 2015 Operating costs and expenses: Casino $ 228 $ 340 $ 128 Food and beverage 40 21 — Room 11 75 62 Selling, general and administrative 7,643 6,457 19,536 Total share-based compensation expense $ 7,922 $ 6,893 $ 19,726 |
Write-downs and Other Charges46
Write-downs and Other Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Losses on Asset Disposals and Other Nonroutine Transactions [Abstract] | |
Schedule of Losses on Asset Disposals and Nonroutine Transactions [Table Text Block] | Write-downs and other charges, net consisted of the following (amounts in thousands): Year Ended December 31, 2017 2016 2015 Loss on disposal of assets, net $ 20,647 $ 6,182 $ 1,665 Transaction-related costs — 9,684 5,819 Other, net 8,937 8,725 3,195 $ 29,584 $ 24,591 $ 10,679 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense were as follows (amounts in thousands): Year Ended December 31, 2017 2016 Current income taxes Federal $ (1,436 ) $ 1,233 State and local 66 17 Total current income taxes (1,370 ) 1,250 Deferred income taxes Federal 133,321 6,614 State and local 2,804 348 Total deferred income taxes 136,125 6,962 Total income tax expense $ 134,755 $ 8,212 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 Expected U.S. federal income taxes at statutory rate 35.00 % 35.00 % Income attributable to noncontrolling interests (4.93 )% (27.20 )% State and local income taxes, net of federal benefit 0.24 % 0.06 % Non-deductible expenses (0.69 )% 0.14 % Tax credits (0.54 )% (0.15 )% Impact of tax rate change due to tax reform 43.15 % — % Other 0.39 % 0.81 % Valuation allowance (4.49 )% (3.65 )% Income tax expense 68.13 % 5.01 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are as follows (amounts in thousands): Year Ended December 31, 2017 2016 Deferred tax assets Investment in partnership $ 159,272 $ 256,983 Payable pursuant to tax receivable agreement 30,296 91,144 Total gross deferred tax assets 189,568 348,127 Valuation allowance (57,348 ) (103,661 ) Total deferred tax assets, net of valuation allowance $ 132,220 $ 244,466 |
Acquisition of Palms Casino R48
Acquisition of Palms Casino Resort (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following condensed balance sheet presents the fair values of the assets acquired and liabilities assumed (amounts in thousands): As of October 1, 2016 Cash and cash equivalents $ 10,506 Restricted cash 2,152 Receivables, net 5,725 Inventories 1,614 Prepaid expenses and other assets 3,490 Property and equipment 302,011 Intangible assets, net 15,875 Liabilities assumed (24,980 ) Total identifiable net assets $ 316,393 |
Property and Equipment acquired as part of business combination [Table Text Block] | Acquired property and equipment consisted of the following (amounts in thousands): As recorded at fair value Land $ 35,033 Buildings and improvements 253,192 Furniture, fixtures and equipment 13,786 Total property and equipment acquired $ 302,011 |
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Acquired intangible assets and liabilities consisted of the following (amounts in thousands): Estimated useful life (years) As recorded at fair value Condominium rental contracts 20 $ 9,000 Palms Resort trademark rights 15 6,000 Reservation backlog 2 2,000 Customer relationships 15 800 Below market leases, net 2 - 15 (1,925 ) Total intangible assets acquired, net $ 15,875 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table provides information about the changes in benefit obligation and the fair value of plan assets (amounts in thousands): Year Ended December 31, 2017 Three Months Ended December 31, 2016 Change in Benefit Obligation: Beginning benefit obligation (accumulated and projected) $ 13,728 $ 14,689 Interest cost 536 131 Actuarial loss (gain) 940 (205 ) Benefits paid (464 ) (334 ) Other (610 ) (553 ) Ending benefit obligation (accumulated and projected) 14,130 13,728 Change in Fair Value of Plan Assets: Beginning fair value of plan assets 9,228 10,228 Actual return on plan assets 813 (113 ) Employer contributions 250 — Benefits paid (464 ) (334 ) Other (610 ) (553 ) Fair value of plan assets at end of year 9,217 9,228 Net funded status at December 31 $ (4,913 ) $ (4,500 ) |
Schedule of Net Benefit Costs and Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the components of pension expense incurred subsequent to the October 1, 2016 acquisition of the Palms (amounts in thousands): Year Ended December 31, 2017 Three Months Ended Components of net periodic benefit cost: Interest cost $ 536 $ 131 Expected return on plan assets (192 ) (86 ) Effect of settlement 13 — Net periodic benefit cost 357 45 Other changes recognized in Other Comprehensive Income: Net loss (gain) 319 (6 ) Amount recognized due to settlement (13 ) — Total recognized in other comprehensive income 306 (6 ) Total recognized in net periodic benefit cost and other comprehensive income $ 663 $ 39 |
Schedule of Defined Pension Plan Statements of Financial Performance and Financial Position, Location [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 related to the Pension Plan consisted of the following (amounts in thousands): December 31, 2017 2016 Long-term liabilities $ 4,913 $ 4,500 Net actuarial loss (gain) recognized in Accumulated Other Comprehensive Income 300 (6 ) |
Schedule of Assumptions Used [Table Text Block] | The following table presents the weighted-average actuarial assumptions used to calculate the net periodic benefit cost and obligation: Year Ended December 31, 2017 Three Months Ended December 31, 2016 Net periodic benefit cost Discount rate 4.15% 3.85% Expected long-term rate of return 5.80% 6.30% Rate of compensation increase n/a n/a Benefit obligations Discount rate 3.60% 4.15% Rate of compensation increase n/a n/a |
Schedule of Allocation of Plan Assets [Table Text Block] | The composition of the Pension Plan assets at December 31, 2017 , along with the targeted mix of assets, is presented below: Target December 31, 2017 Fixed Income 50 % 49 % Domestic Income 20 % 21 % International Equity 12 % 15 % Long/Short Equity 10 % 10 % Other 8 % 5 % 100 % 100 % |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The fair values of the Pension Plan assets at December 31, 2017 and 2016 by asset category were as follows (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed Income $ 4,547 $ 4,547 $ — $ — Domestic Income 1,902 189 1,713 — International Equity 1,387 1,106 281 — Long/Short Equity 919 919 — — Other 462 — 462 — $ 9,217 $ 6,761 $ 2,456 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed Income $ 4,769 $ 4,294 $ 475 $ — Domestic Income 1,942 188 1,754 — International Equity 1,285 1,054 231 — Long/Short Equity 825 825 — — Other 407 — 407 — $ 9,228 $ 6,361 $ 2,867 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | At December 31, 2017 , expected benefit payments for the next ten years were as follows (amounts in thousands): Years ending December 31, 2018 $ 1,890 2019 580 2020 610 2021 1,580 2022 1,290 2023 - 2027 4,060 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerator used in the calculation of diluted earnings per share is presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Income from continuing operations attributable to Red Rock, basic $ 35,152 $ 35,292 $ 15,129 Effect of dilutive securities 13,669 (102 ) — Income from continuing operations attributable to Red Rock, diluted $ 48,821 $ 35,190 $ 15,129 Loss from discontinued operations attributable to Red Rock, basic $ — $ — $ (10 ) Effect of dilutive securities — — — Loss from discontinued operations attributable to Red Rock, diluted $ — $ — $ (10 ) Net income attributable to Red Rock, basic $ 35,152 $ 35,292 $ 15,119 Effect of dilutive securities 13,669 (102 ) — Net income attributable to Red Rock, diluted $ 48,821 $ 35,190 $ 15,119 A reconciliation of the numerator used in the calculation of basic earnings per share is presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Income from continuing operations, basic $ 63,039 $ 155,775 $ 143,418 Less income from continuing operations attributable to noncontrolling interests, basic (a) (27,887 ) (120,483 ) (128,289 ) Income from continuing operations attributable to Red Rock, basic (a) $ 35,152 $ 35,292 $ 15,129 Loss from discontinued operations, basic $ — $ — $ (166 ) Add loss from discontinued operations attributable to noncontrolling interests, basic (a) — — 156 Loss from discontinued operations attributable to Red Rock, basic (a) $ — $ — $ (10 ) Net income, basic $ 63,039 $ 155,775 $ 143,252 Less net income attributable to noncontrolling interests, basic (a) (27,887 ) (120,483 ) (128,133 ) Net income attributable to Red Rock, basic (a) $ 35,152 $ 35,292 $ 15,119 __________________________________________________________ (a) Amounts for the years ended December 31, 2016 and 2015 include the retrospective allocation of net income as if the Reorganization Transactions had occurred at the beginning of the earliest period presented. The denominators used in the calculation of basic and diluted earnings per share are presented below (amounts in thousands): Years Ended December 31, 2017 2016 2015 Weighted-average shares of Class A common stock outstanding, basic 67,397 34,141 9,888 Effect of dilutive securities 48,533 144 — Weighted-average shares of Class A common stock outstanding, diluted 115,930 34,285 9,888 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): Years Ended December 31, 2017 2016 2015 Shares issuable in exchange for Class B common stock and LLC Units — 49,956 80,335 Share issuable upon exercise of stock options 3,677 1,637 — Share issuable upon vesting of restricted stock 11 5 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments required under all operating leases with initial or remaining non-cancelable lease terms in excess of one year are as follows (amounts in thousands): Years Ending December 31, 2018 $ 3,057 2019 3,084 2020 5,079 2021 4,487 2022 4,431 Thereafter 211,792 $ 231,930 |
Schedule of Rent Expense | Rent expense was as follows (amounts in thousands): Year Ended December 31, 2017 2016 2015 Rent expense $ 4,661 $ 8,968 $ 8,644 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2017 2016 2015 Net revenues Las Vegas operations $ 1,491,919 $ 1,336,177 $ 1,258,207 Native American management 117,968 110,962 88,277 Reportable segment net revenues 1,609,887 1,447,139 1,346,484 Corporate and other 5,729 5,288 5,651 Net revenues $ 1,615,616 $ 1,452,427 $ 1,352,135 Net income $ 63,039 $ 155,775 $ 143,252 Adjustments Depreciation and amortization 178,217 156,668 137,865 Share-based compensation 7,922 6,893 19,726 Write-downs and other charges, net 29,584 24,591 10,679 Tax receivable agreement liability adjustment (139,300 ) 739 — Related party lease termination 100,343 — — Asset impairment 1,829 — 6,301 Interest expense, net 131,442 140,189 144,489 Loss on extinguishment/modification of debt, net 16,907 7,270 90 Change in fair value of derivative instruments (14,112 ) (87 ) 1 Adjusted EBITDA attributable to MPM noncontrolling interest (15,262 ) (14,675 ) (14,192 ) Provision for income tax 134,755 8,212 — Other 1,000 (1,133 ) 3,203 Adjusted EBITDA (a) $ 496,364 $ 484,442 $ 451,414 Adjusted EBITDA Las Vegas operations $ 432,758 $ 423,692 $ 410,301 Native American management 95,897 87,259 66,622 Reportable segment Adjusted EBITDA 528,655 510,951 476,923 Corporate and other (32,291 ) (26,509 ) (25,509 ) Adjusted EBITDA $ 496,364 $ 484,442 $ 451,414 December 31, 2017 2016 Total assets Las Vegas operations $ 3,017,323 $ 2,883,733 Native American management 47,495 61,379 Corporate and other 554,792 581,043 $ 3,619,610 $ 3,526,155 ____________________________________ (a) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other charges, net, tax receivable agreement liability adjustment, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, provision for income tax and other, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM. |
Quarterly Financial Informati53
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly financial information is presented below (amounts in thousands, except per share data): Year Ended December 31, 2017 First Quarter Second Quarter (a) Third Quarter Fourth Quarter (b) Net revenues $ 417,732 $ 403,493 $ 400,370 $ 394,021 Operating income (loss) 92,402 (31,229 ) 56,463 212,763 Net income (loss) 45,214 (50,494 ) 22,308 46,011 Net income (loss) attributable to Red Rock Resorts, Inc. 19,783 (25,920 ) 11,780 29,509 Earnings (loss) per share, basic $ 0.30 $ (0.39 ) $ 0.17 $ 0.43 Earnings (loss) per share, diluted $ 0.30 $ (0.39 ) $ 0.16 $ 0.35 ____________________________________ (a) See Note 20 for a discussion of the related party lease termination. (b) See Note 17 for a discussion of the effects of the recently passed tax reform bill. Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 359,247 $ 351,486 $ 347,140 $ 394,554 Operating income 93,962 69,874 73,349 72,261 Net income 59,503 21,728 33,444 41,100 Net income attributable to Red Rock Resorts, Inc. 57,639 5,653 8,272 20,403 Earnings per share, basic and diluted $ 0.64 $ 0.01 $ 0.20 $ 0.37 |
Schedule II- Valuation and Qu54
Schedule II- Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Additions Deductions Balance at End of Year Description Deferred income tax asset valuation allowance: 2017 $ 103,661 $ — $ (46,313 ) $ 57,348 2016 — 109,398 (5,737 ) 103,661 2015 — — — — |
Organization and Background (De
Organization and Background (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2016USD ($)$ / shares$ / unitshares | Dec. 31, 2017USD ($)Casino_Property$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | |
Payments of Distributions to Affiliates | $ 0 | $ 389,149 | $ 0 | |
Payments to Acquire Additional Interest in Subsidiaries | $ 4,484 | 0 | 0 | |
Equity Method Investment, Ownership Percentage | 50.00% | |||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 0 | $ 531,949 | $ 0 | |
Major Hotel Casino Properties [Member] | Wholly Owned Properties [Member] | ||||
Casino properties | Casino_Property | 10 | |||
Smaller Casino Properties [Member] | ||||
Casino properties | Casino_Property | 10 | |||
Smaller Casino Properties [Member] | Partially Owned Properties [Member] | ||||
Casino properties | Casino_Property | 3 | |||
Ownership percentage, parent | 50.00% | |||
Station Holdco [Member] | ||||
Common Stock, Value, Shares Withheld for Tax Obligations | $ 4,100 | |||
Payments to Acquire Additional Interest in Subsidiaries | $ 112,500 | |||
Additional Interest in Subsidiaries, Price Per Unit | $ / unit | 18.33 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Common Stock, Conversion Features, Conversion Ratio | 1 | |||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | |||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 424,400 | |||
Fertitta Entertainment [Member] | ||||
Payments of Distributions to Affiliates | $ 389,100 | |||
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||
Common Class A [Member] | Station Holdco [Member] | ||||
Conversion of Stock, Shares Issued | shares | 10,137,209 | |||
Common Stock, Shares Withheld for Tax Obligations | shares | 222,959 | |||
Common Class B [Member] | ||||
Conversion of Stock, Shares Issued | shares | 80,562,666 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | $ 0.00001 | ||
Common Class B [Member] | Station Holdco [Member] | ||||
Additional Interest in Subsidiaries, Shares Acquired | shares | 6,136,072 | |||
Common Stock, Conversion Features, Conversion Ratio | 1 | |||
IPO [Member] | Common Class A [Member] | ||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 29,511,828 | |||
Sale of Stock, Price Per Share | $ / shares | $ 19.50 | |||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 541,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 4,900 | |||
Red Rock Resorts [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | ||
Red Rock Resorts [Member] | Common Class A [Member] | ||||
Equity Method Investment, Ownership Percentage | 33.40% | 59.30% | 56.90% | |
Red Rock Resorts [Member] | Common Class B [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 66.60% | 40.70% | 43.10% | |
Station Casinos LLC [Member] | Voting units | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Station Holdco [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,300 | |||
Business Combination, Consideration Transferred | 460,000 | |||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | 419,500 | |||
Other Payments to Acquire Businesses | 51,000 | |||
Gain (Loss) On Equity Awards Settlement Liability | $ 18,700 | |||
Station Holdco [Member] | Voting units | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Restricted Stock [Member] | Common Class A [Member] | Executive Officers, Employees and Members of the Board of Directors [Member] | ||||
Conversion of Stock, Shares Issued | shares | 189,568 | |||
Restricted Stock [Member] | Common Class A [Member] | Employees of Subsidiaries [Member] | ||||
Conversion of Stock, Shares Issued | shares | 1,832,884 | |||
Employee Stock Option [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 3,585,983 | |||
Executive Officer [Member] | Employee Stock Option [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,687,205 |
Basis of Presentation and Sum56
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 1 Months Ended | |
May 31, 2016 | Dec. 31, 2017 | |
Basis of Presentation [Line Items] | ||
Ownership percentage in joint venture | 50.00% | |
MPM Enterprises, LLC [Member] | ||
Basis of Presentation [Line Items] | ||
Ownership percentage, parent | 50.00% | |
Ownership percentage in joint venture | 50.00% | |
Smaller Casino Properties [Member] | Partially Owned Properties [Member] | ||
Basis of Presentation [Line Items] | ||
Ownership percentage, parent | 50.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Parent Company [Member] | ||
Basis of Presentation [Line Items] | ||
Tax Receivable Agreement Basis Spread on Variable Rate Late Payments | 5.00% |
Basis of Presentation and Sum57
Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Principles of Consolidation [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Customer Loyalty Program Liability, Current | $ 14.2 | $ 13.4 |
MPM Enterprises, LLC [Member] | ||
Principles of Consolidation [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Voting units | Station Casinos LLC [Member] | ||
Principles of Consolidation [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Voting units | Station Holdco [Member] | ||
Principles of Consolidation [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Basis of Presentation and Sum58
Basis of Presentation and Summary of Significant Accounting Policies Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Doubtful Accounts Receivable | $ 1.2 | $ 2.3 |
Basis of Presentation and Sum59
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Gaming Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gaming Tax [Line Items] | |||
Gaming tax expense | $ 69,429 | $ 63,626 | $ 61,091 |
Basis of Presentation and Sum60
Basis of Presentation and Summary of Significant Accounting Policies (Advertising Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Advertising [Line Items] | |||
Advertising expense | $ 22,094 | $ 21,144 | $ 16,928 |
Basis of Presentation and Sum61
Basis of Presentation and Summary of Significant Accounting Policies Complimentary (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Complimentary Items [Line Items] | ||||
Complimentary Goods and Services Expense -Food and Beverage | $ 103,427 | $ 95,906 | $ 89,593 | |
Complimentary Goods and Services Expense-Room | 10,261 | 6,761 | 6,216 | |
Complimentary Goods and Services Expense-Other | 5,331 | 4,089 | 3,807 | |
Complimentary Goods and Services Expense | $ 119,019 | $ 106,756 | $ 99,616 | |
Station Holdco [Member] | ||||
Complimentary Items [Line Items] | ||||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | |||
Station Holdco [Member] | Parent Company [Member] | ||||
Complimentary Items [Line Items] | ||||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% |
Basis of Presentation and Sum62
Basis of Presentation and Summary of Significant Accounting Policies PPE Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life | 45 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Noncontrolling Interest in St63
Noncontrolling Interest in Station Holdco (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 | |
Equity Method Investment, Ownership Percentage | 50.00% | ||
Issuance of Class A common stock in exchange for units (shares) | 2,700,000 | 24,500,000 | |
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | $ 22,761 | $ 213,247 | |
Deferred tax assets resulting from exchanges of noncontrolling interests | $ 24,610 | $ 223,000 | |
Red Rock Resorts [Member] | |||
Noncontrolling Interest, Units Outstanding | 116,161,976 | 115,849,735 | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | |
Red Rock Resorts [Member] | Common Class B [Member] | |||
Noncontrolling Interest, Units Outstanding | 47,264,413 | 49,956,296 | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.70% | 43.10% | 66.60% |
Red Rock Resorts [Member] | Common Class A [Member] | |||
Equity Method Investment, Ownership Percentage | 59.30% | 56.90% | 33.40% |
Noncontrolling Interest, Units Outstanding | 68,897,563 | 65,893,439 | |
Additional Paid-in Capital [Member] | |||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | $ 22,761 | $ 213,247 | |
Deferred tax assets resulting from exchanges of noncontrolling interests | $ 24,610 | $ 223,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | $ 3,231,967 | $ 3,004,210 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (689,856) | (566,081) | |
Property and equipment, net | 2,542,111 | 2,438,129 | |
Depreciation | 158,327 | 137,881 | $ 119,530 |
Land [Member] | |||
Property and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | 256,173 | 232,733 | |
Building and Building Improvements [Member] | |||
Property and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | 2,315,124 | 2,255,580 | |
Furniture, Fixtures and Equipment [Member] | |||
Property and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | 534,286 | 476,916 | |
Construction in Progress [Member] | |||
Property and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | 126,384 | $ 38,981 | |
Palace Station [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in Progress, Gross | 50,800 | ||
Palms Casino Resort [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in Progress, Gross | $ 58,600 |
Goodwill and Other Intangible65
Goodwill and Other Intangibles - Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 233,370 | $ 236,670 |
Intangible assets, net | 128,000 | 149,199 |
Finite-Lived Intangible Assets, Accumulated Amortization | (105,370) | (87,471) |
Goodwill, Impaired, Accumulated Impairment Loss | 1,200 | 1,200 |
Goodwill | 195,676 | 195,676 |
Below Market Lease, Gross | 4,145 | 2,195 |
Below Market Lease, Accumulated Amortization | (199) | (36) |
Below Market Lease, Net | 3,946 | 2,159 |
Intangible Assets and Below Market Leases, Gross | 229,225 | 234,475 |
Intangible Assets and Below Market Leases, Accumulated Amortization | (105,171) | (87,435) |
Intangible Assets and Below Market Leases, Net | $ 124,054 | $ 147,040 |
Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Below Market Lease, Useful Lives | 15 years | 15 years |
Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Below Market Lease, Useful Lives | 72 years | 15 years |
Customer Relationships [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 13,594 | $ 15,168 |
Finite-Lived Intangible Assets, Gross | 23,600 | 23,600 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (10,006) | $ (8,432) |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years |
Management Contracts [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 22,020 | $ 38,468 |
Finite-Lived Intangible Assets, Gross | 115,000 | 115,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (92,980) | $ (76,532) |
Management Contracts [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years |
Management Contracts [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years |
Contract-Based Intangible Assets [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 8,438 | $ 8,887 |
Finite-Lived Intangible Assets, Gross | 9,000 | 9,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (562) | (113) |
Contract-Based Intangible Assets [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Contract-Based Intangible Assets [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Trademarks [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 5,500 | 5,900 |
Finite-Lived Intangible Assets, Gross | 6,000 | 6,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (500) | (100) |
Trademarks [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Beneficial Leases [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 198 | 1,526 |
Finite-Lived Intangible Assets, Gross | 270 | 3,570 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (72) | $ (2,044) |
Beneficial Leases [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years |
Beneficial Leases [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | 9 years |
Other Intangible Assets [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 750 | $ 1,750 |
Finite-Lived Intangible Assets, Gross | 2,000 | 2,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,250) | $ (250) |
Other Intangible Assets [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years |
Other Intangible Assets [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years |
Brands [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 77,200 | $ 77,200 |
License Rights [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 300 | $ 300 |
Goodwill and Other Intangible66
Goodwill and Other Intangibles - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization Expense for Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 19,890 | $ 18,787 | $ 18,335 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 10,632 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,572 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,545 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,426 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,401 |
Land Held for Development (Deta
Land Held for Development (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Land Held for Development [Line Items] | |||
Area of land including leased | a | 428 | ||
Number of Project Sites | 8 | ||
Area of land | a | 408 | ||
Gain (Loss) on Disposal of Property Plant Equipment | $ 6,700 | ||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 4,290 | 19,020 | |
Las Vegas Valley [Member] | |||
Land Held for Development [Line Items] | |||
Area of land | a | 31 | ||
Land [Member] | Fair Value, Measurements, Nonrecurring [Member] | Las Vegas Valley [Member] | |||
Land Held for Development [Line Items] | |||
Impairment of land held for development | $ 1,800 | $ 1,900 | |
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 19,000 | ||
Land Held for Development [Member] | Fair Value, Measurements, Nonrecurring [Member] | Las Vegas Valley [Member] | |||
Land Held for Development [Line Items] | |||
Impairment of land held for development | $ 4,200 | ||
Wild Wild West [Member] | |||
Land Held for Development [Line Items] | |||
Land Subject to Ground Leases | a | 20 |
Investments in Joint Ventures68
Investments in Joint Ventures and Variable Interest Entities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in joint venture | 50.00% | |
Intangible assets, net | $ 128,000 | $ 149,199 |
Investments in joint ventures | 10,133 | 10,572 |
Equity Method Investment, Summarized Financial Information, Assets: | ||
Receivables, net | $ 48,730 | 43,547 |
Smaller Casino Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Investments | 3 | |
Ownership percentage in joint venture | 50.00% | |
MPM Enterprises, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in joint venture | 50.00% | |
MPM Enterprises, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Intangible assets, net | $ 1,300 | 11,500 |
Equity Method Investment, Summarized Financial Information, Assets: | ||
Receivables, net | $ 3,500 | $ 3,300 |
Equity Method Investment Reduced Below Zero [Member] | The Greens [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Investments | 1 |
Native American Development (De
Native American Development (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)aTable_Gamesgaming_device | Dec. 31, 2016USD ($) | |
Development and Management Agreements, Native American [Line Items] | ||
Area of Land | a | 408 | |
Native American Development Costs, Noncurrent | $ 17,270 | $ 14,844 |
North Fork Rancheria of Mono Indians (Mono) [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Development Agreement, Term | 7 years | |
Reimbursable advances for Native American Development | $ 32,300 | |
Native American Development Costs, Noncurrent | $ 17,300 | |
Property Development Fee, Percent Fee | 4.00% | |
Management Agreement, Term | 7 years | |
Project management fee (percentage) | 40.00% | |
Estimated period, after construction begins, facility is completed and open for business | 18 months | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Maximum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Estimated beginning of construction in months | 36 months | |
Number of slot machines | gaming_device | 2,500 | |
Number of table games | Table_Games | 40 | |
Estimated costs for Native American development projects | $ 300,000 | |
Successful project completion (percentage) | 75.00% | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Minimum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Estimated beginning of construction in months | 24 months | |
Number of slot machines | gaming_device | 2,000 | |
Estimated costs for Native American development projects | $ 250,000 | |
Successful project completion (percentage) | 65.00% | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Land Held for Development [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Area of Land | a | 305 |
Management Agreements (Details)
Management Agreements (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)miCasino_Property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Reimbursement Revenue | $ 6,600,000 | $ 8,900,000 | $ 7,300,000 |
MPM Enterprises, LLC [Member] | |||
Ownership percentage, parent | 50.00% | ||
Gun Lake Tribe [Member] | |||
Management Agreement, Term | 7 years | ||
Project management fee (percentage) | 30.00% | ||
Gun Lake Tribe [Member] | MPM Enterprises, LLC [Member] | |||
Management fee revenue | $ 46,100,000 | 40,500,000 | 37,700,000 |
Federated Indians of Graton Rancheria [Member] | SC Sonoma Management LLC [Member] | |||
Management fee revenue | $ 65,300,000 | $ 58,400,000 | $ 43,000,000 |
Federated Indians of Graton Rancheria [Member] | San Francisco, California [Member] | |||
Distance from major city | mi | 43 | ||
Management Agreement, Year One [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 24.00% | ||
Management Agreement, Year Two [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 24.00% | ||
Management Agreement, Year Three [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 24.00% | ||
Management Agreement, Year Four [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 24.00% | ||
Management Agreement, Year Five [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 27.00% | ||
Management Agreement, Year Six [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 27.00% | ||
Management Agreement, Year Seven [Member] | Federated Indians of Graton Rancheria [Member] | |||
Project management fee (percentage) | 27.00% | ||
1st Tier [Member] | Gun Lake Tribe [Member] | |||
Management fee shared with parent (percentage) | 50.00% | ||
Management fee revenue | $ 24,000,000 | ||
2nd Tier [Member] | Gun Lake Tribe [Member] | |||
Management fee shared with parent (percentage) | 83.00% | ||
Management fee revenue | $ 24,000,000 | ||
3rd Tier [Member] | Gun Lake Tribe [Member] | |||
Management fee shared with parent (percentage) | 93.00% | ||
Management fee revenue | $ 48,000,000 | ||
Smaller Casino Properties [Member] | |||
Number of Real Estate Properties | Casino_Property | 10 | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | |||
Ownership percentage, parent | 50.00% | ||
Project management fee (percentage) | 10.00% | ||
Number of Real Estate Properties | Casino_Property | 3 | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | Wildfire Lanes [Member] | |||
Ownership percentage, parent | 50.00% | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | The Greens [Member] | |||
Ownership percentage, parent | 50.00% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued gaming and related | $ 50,980 | $ 46,744 |
Accrued payroll and related | 51,095 | 44,202 |
Construction payables and equipment purchase accruals | 39,673 | 17,642 |
Advance deposits | 13,914 | 16,283 |
Other | 21,151 | 28,271 |
Total other accrued liabilities | $ 176,813 | $ 153,142 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Instruments (Details) | 1 Months Ended | 4 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 2,617,822,000 | $ 2,617,822,000 | $ 2,422,301,000 | |||||
Current portion of long-term debt | (30,094,000) | (30,094,000) | (46,063,000) | |||||
Long-term debt, net | 2,587,728,000 | 2,587,728,000 | 2,376,238,000 | |||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 64,826,000 | $ 64,826,000 | ||||||
7.50% Senior Notes, Due March 1, 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 9,400,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest coverage ratio | 4.53 | 4.53 | ||||||
5.00% Senior Notes, Due October 1, 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 6,400,000 | $ 6,400,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||
Restructured Land Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | $ 0 | $ 115,378,000 | |||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 600,000 | |||||||
Debt Instrument, Interest Rate at Period End | 5.27% | |||||||
Other Long-term Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 30,173,000 | $ 30,173,000 | $ 34,786,000 | |||||
Long-term Debt, weighted average interest rate | 3.95% | 3.95% | 3.92% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest coverage ratio | 2.5 | 2.5 | ||||||
Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 103.75% | 103.75% | ||||||
Term Loan B Facility, Due June 8, 2023 [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 1,780,193,000 | $ 1,780,193,000 | $ 1,449,591,000 | |||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 53,200,000 | $ 53,200,000 | $ 42,900,000 | |||||
Debt Instrument, Interest Rate at Period End | 4.06% | 4.06% | 3.75% | |||||
Term Loan B Facility, Due June 8, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 2.50% | ||||||
Term Loan B Facility, Due June 8, 2023 [Member] | Base Rate [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 1.50% | ||||||
Term Loan A Facility, Due June 8, 2022 [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 263,860,000 | $ 263,860,000 | $ 211,978,000 | |||||
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 5,200,000 | $ 5,200,000 | $ 7,400,000 | |||||
Debt Instrument, Interest Rate at Period End | 3.36% | 3.36% | 3.20% | |||||
Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | ||||||
Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.75% | ||||||
Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Minimum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.75% | ||||||
Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Maximum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.75% | ||||||
5.00% Senior Notes, Due October 1, 2025 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 543,596,000 | $ 543,596,000 | $ 0 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||
5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 102.50% | |||||||
7.50% Senior Notes, Due March 1, 2021 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | $ 0 | 490,568,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | ||||||
Revolving Credit Facility Due June 8, 2022 [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | $ 0 | $ 120,000,000 | |||||
Credit facility, maximum borrowing capacity | $ 781,000,000 | $ 781,000,000 | $ 781,000,000 | |||||
Debt Instrument, Interest Rate at Period End | 0.00% | 0.00% | 3.44% |
Long-term Debt New Credit Facil
Long-term Debt New Credit Facility (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | May 31, 2017USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Apr. 30, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 09, 2017USD ($) | May 01, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 2,682,648,000 | $ 2,682,648,000 | $ 2,682,648,000 | ||||||||||
Long-term Debt | 2,617,822,000 | 2,617,822,000 | 2,617,822,000 | $ 2,422,301,000 | |||||||||
Loss on extinguishment/modification of debt, net | (16,907,000) | (7,270,000) | $ (90,000) | ||||||||||
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Increase in Maximum Borrowing Capacity | $ 50,000,000 | ||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 3,400,000 | ||||||||||||
Long-term Debt, Gross | $ 272,500,000 | 272,500,000 | |||||||||||
Debt Instrument, Unamortized Discount | $ 1,300,000 | ||||||||||||
Long-term Debt | 263,860,000 | 263,860,000 | 263,860,000 | 211,978,000 | |||||||||
Line of Credit Facility, Periodic Payment, Principal | 3,400,000 | ||||||||||||
Loss on extinguishment/modification of debt, net | 600,000 | 2,100,000 | |||||||||||
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Increase in Maximum Borrowing Capacity | 250,000,000 | $ 125,000,000 | |||||||||||
Debt Instrument, Periodic Payment, Principal | 4,700,000 | ||||||||||||
Debt Instrument, Unamortized Discount | 14,900,000 | ||||||||||||
Long-term Debt | 1,780,193,000 | $ 1,780,193,000 | 1,780,193,000 | 1,449,591,000 | |||||||||
Payments of Financing Costs | $ 14,900,000 | ||||||||||||
Line of Credit Facility, Repricing Fee Percentage | 1.00% | ||||||||||||
Loss on extinguishment/modification of debt, net | $ 2,000,000 | ||||||||||||
Debt Instrument, Fee Amount | 3,800,000 | ||||||||||||
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 2.50% | |||||||||||
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 1.50% | |||||||||||
Senior Notes [Member] | 7.50% Senior Notes, Due March 1, 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 0 | $ 0 | $ 0 | 490,568,000 | |||||||||
Loss on extinguishment/modification of debt, net | $ 13,400,000 | 13,800,000 | |||||||||||
Debt, early redemption, aggregate principal amount | $ 250,000,000 | $ 250,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | 7.50% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit agreement, unused borrowing capacity | $ 747,000,000 | $ 747,000,000 | $ 747,000,000 | ||||||||||
Letters of Credit Outstanding, Amount | $ 34,000,000 | $ 34,000,000 | $ 34,000,000 | ||||||||||
Interest coverage ratio | 4.53 | 4.53 | 4.53 | ||||||||||
Ratio of indebtedness to EBITDA | 4.99 | 4.99 | 4.99 | ||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility Due June 8, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 781,000,000 | 781,000,000 | $ 781,000,000 | $ 781,000,000 | $ 781,000,000 | ||||||||
Long-term Debt | $ 0 | $ 0 | $ 0 | $ 120,000,000 | |||||||||
Line of Credit and Revolving Credit Facility [Member] | Term Loan A and Revolving Credit Facility Due June 8, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | $ 2,800,000 | $ 2,800,000 | |||||||||||
Minimum [Member] | Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | |||||||||||
Minimum [Member] | Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.75% | |||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest coverage ratio | 2.5 | 2.5 | 2.5 | ||||||||||
Maximum [Member] | Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.75% | |||||||||||
Maximum [Member] | Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.75% | |||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio Of Indebtedness To EBITDA, Period One | 6.50 | 6.50 | 6.50 | ||||||||||
Ratio Of Indebtedness To EBITDA, Period Five | 5.25 | 5.25 | 5.25 |
Long-term Debt 5.00% Senior Not
Long-term Debt 5.00% Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017 | May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 21, 2017 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment/modification of debt, net | $ (16,907) | $ (7,270) | $ (90) | ||||
Long-term Debt, Gross | $ 2,682,648 | $ 2,682,648 | |||||
Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 103.75% | 103.75% | |||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||
Long-term Debt, Gross | $ 550,000 | ||||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption Due to Change in Control [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption Due to Certain Asset Sales [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 102.50% | ||||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 101.25% | ||||||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-term Debt 7.50% Senior Not
Long-term Debt 7.50% Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017 | May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 09, 2017 | |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment/modification of debt, net | $ (16,907) | $ (7,270) | $ (90) | |||
Long-term Debt | $ 2,617,822 | 2,422,301 | ||||
Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 103.75% | 103.75% | ||||
Senior Notes [Member] | 7.50% Senior Notes, Due March 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||
Loss on extinguishment/modification of debt, net | $ 13,400 | $ 13,800 | ||||
Debt, early redemption, aggregate principal amount | 250,000 | $ 250,000 | ||||
Long-term Debt | $ 0 | $ 490,568 | ||||
Debt Instrument, Write off of Unamortized Discount (Premium) and Debt Issuance Costs | $ 4,000 | 4,400 | ||||
Debt Instruments, Redemption Premium | $ (9,400) | $ 9,400 |
Long-term Debt - Restructured L
Long-term Debt - Restructured Land Loan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Repayments of Other Debt | $ 5,180,000 | $ 22,288,000 | $ 3,682,000 | |||
Payments to Acquire Additional Interest in Subsidiaries | 4,484,000 | 0 | 0 | |||
Loss on extinguishment/modification of debt, net | (16,907,000) | (7,270,000) | $ (90,000) | |||
Long-term Debt | 2,617,822,000 | $ 2,422,301,000 | ||||
Restructured Land Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate at Period End | 5.27% | |||||
Long-term Debt | 0 | $ 115,378,000 | ||||
CV Propco, LLC [Member] | Restructured Land Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 105,000,000 | |||||
Long-term Debt | 43,300,000 | |||||
CV Propco, LLC [Member] | Deutsche Bank AG, Cayman Islands [Member] | Restructured Land Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Other Debt | 61,800,000 | |||||
Payments to Acquire Additional Interest in Subsidiaries | $ 4,500,000 | |||||
Loss on extinguishment/modification of debt, net | $ 14,900,000 | |||||
Extinguishment of Debt, Amount | $ 57,300,000 | |||||
Long-term Debt | $ 72,600,000 | |||||
CV Propco and NP Tropicana [Member] | Restructured Land Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Warrants issued under terms of debt agreement, percent of outstanding equity interest | 60.00% |
Long-term Debt - Corporate Offi
Long-term Debt - Corporate Office Lease (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)option | |
Sale Leaseback, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | $ 3,449 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 3,493 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 3,536 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 3,580 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 3,625 |
Corporate Office Lease [Member] | |
Debt Instrument [Line Items] | |
Sale Leaseback Transaction, Net Book Value | $ 29,600 |
Lease term | 20 years |
Number of options to extend lease | option | 4 |
Term of lease extension | 5 years |
Sale leaseback, annual rental payments | $ 3,400 |
Annual increase to lease payments (percent) | 1.25% |
Corporate Office Lease [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Annual increase to lease payments (percent) | 2.00% |
Long-term Debt Other Debt (Deta
Long-term Debt Other Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 2,617,822 | $ 2,422,301 | |
Loss on extinguishment/modification of debt, net | (16,907) | (7,270) | $ (90) |
Other Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,173 | $ 34,786 |
Long-term Debt Principal Maturi
Long-term Debt Principal Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 30,094 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 34,937 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 82,044 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 99,971 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 277,236 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,158,366 | |
Long-term Debt, Gross | 2,682,648 | |
Debt Instrument, Unamortized Discount and Debt Issue Costs | (64,826) | |
Long-term Debt | $ 2,617,822 | $ 2,422,301 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Interest_Rate_Swapinvestment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Change in fair value of derivative instruments | $ 14,112 | $ 87 | $ (1) |
Derivative, Term of Contract | 1 year | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Change in fair value of derivative instruments | $ 14,110 | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1,875) | 8,035 | (6,851) |
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 22,200 | ||
LIBOR [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative instrument, term for variable interest rate | 1 month | ||
Minimum [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Variable Interest Rate | 0.75% | ||
Interest Expense, Net [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (1,176) | (5,066) | (8,548) |
Change in Fair Value of Derivative Instruments [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 2 | 87 | $ (1) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | $ 1,600,000 | ||
Not Designated as Hedging Instrument [Member] | Fixed Interest Rate [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Effective fixed interest rate on hedged variable interest rate debt | 3.83% | ||
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 3,620 | 0 | |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 18,383 | 0 | |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 19 | |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 10,661 | |
Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative liability, fair value | 0 | $ 8 | |
Station Casinos LLC [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 7,100 | ||
Station Casinos LLC [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments held | Interest_Rate_Swap | 16 | ||
Derivative, Number of Instruments Outstanding | Interest_Rate_Swap | 12 | ||
Derivative, Number of Additional Instruments Held | investment | 8 | ||
Derivative, Number of Instruments Matured | Interest_Rate_Swap | 4 | ||
Year 1 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 0.85% | ||
Year 2 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 1.11% | ||
Year 3 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 1.39% | ||
Year 4 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 1.69% | ||
Station Casinos LLC [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Estimated gain (loss) expected to be reclassified from accumulated other comprehensive income to income | $ 2,900 | ||
Station Casinos LLC [Member] | Year 1 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.32% | ||
Station Casinos LLC [Member] | Year 2 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.59% | ||
Station Casinos LLC [Member] | Year 3 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.78% | ||
Station Casinos LLC [Member] | Year 4 [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.94% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Aggregate fair value | $ 2,677,000 | $ 2,521,000 | |
Aggregate carrying amount | $ 2,617,822 | 2,422,301 | |
Area of Land | a | 408 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 248 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 22,003 | 10,680 | |
Interest rate swaps | 8 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 248 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Interest rate swaps | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 22,003 | 10,680 | |
Interest rate swaps | 8 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 0 | 0 | |
Interest rate swaps | $ 0 | ||
Las Vegas Valley [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Area of Land | a | 31 | ||
Land [Member] | Las Vegas Valley [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of land held for development | $ 1,800 | $ 1,900 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 2,000 | ||
Land Held for Development [Member] | Las Vegas Valley [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of land held for development | 4,200 | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 7,000 | ||
Land Available for Development | $ 5,200 |
Stockholders'_Members' Equity82
Stockholders'/Members' Equity (Details) $ / shares in Units, $ in Millions | Apr. 26, 2016voteshares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2017Class$ / sharesshares | Dec. 31, 2016$ / sharesshares | May 31, 2016 |
Schedule of Capitalization, Equity [Line Items] | |||||
Number of Classes of Stock Authorized | Class | 2 | ||||
Preferred Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Preferred Stock, Shares Issued | shares | 0 | 0 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | $ 0.20 | |||
Issuance of Class A common stock in exchange for units (shares) | shares | 2,700,000 | 24,500,000 | |||
Common Class A [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Common Stock, Voting Rights, Number of Votes | vote | 1 | ||||
Common Class B [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Common Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | |||
Common Stock, Voting Rights, Number of Votes | vote | 1 | ||||
Station Holdco [Member] | Common Class B [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Common Stock, Voting Rights, Number of Votes | vote | 10 | ||||
Station Holdco [Member] | Voting Units [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Station Holdco [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Minimum [Member] | Station Holdco [Member] | Common Class A [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | ||||
Minimum [Member] | Station Holdco [Member] | Common Class B [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | ||||
Subsequent Event [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||
Subsequent Event [Member] | Station Holdco [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||
Scenario, Forecast [Member] | Subsequent Event [Member] | Station Holdco [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Dividends | $ | $ 11.6 | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ | $ 4.7 |
Stockholders'_Members' Equity S
Stockholders'/Members' Equity Stockholders'/Members' Equity (AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 2,458 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | $ 0 | $ 0 |
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | 0 |
Ending balance | 2,473 | 2,458 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1,000) | 2,300 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (500) | ||
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 2,458 | (5,303) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (271) | 1,900 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 88 | 3,001 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (183) | 4,901 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | 228 | ||
Effects Of Reorganization Transactions | 3,775 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | (30) | (915) | |
Ending balance | 2,473 | 2,458 | (5,303) |
AOCI Attributable to Parent [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 2,404 | (5,279) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (236) | 1,859 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 144 | 3,001 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (92) | 4,860 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | 228 | ||
Effects Of Reorganization Transactions | 3,768 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | (30) | (945) | |
Ending balance | 2,510 | 2,404 | (5,279) |
AOCI Attributable to Parent [Member] | Unrealized Gain (Loss) on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 52 | (24) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 4 | 39 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (56) | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (52) | 39 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||
Effects Of Reorganization Transactions | 7 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 30 | |
Ending balance | 0 | 52 | (24) |
AOCI Attributable to Parent [Member] | Unrecognized Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 2 | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (39) | 2 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (39) | 2 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||
Effects Of Reorganization Transactions | 0 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | |
Ending balance | $ (37) | $ 2 | $ 0 |
Stockholders'_Members' Equity N
Stockholders'/Members' Equity Net Income Attributable to Red Rock Resorts, Inc. and Transfers (to) from Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ 29,509 | $ 11,780 | $ (25,920) | $ 19,783 | $ 20,403 | $ 8,272 | $ 5,653 | $ 57,639 | $ 35,152 | $ 91,967 | $ 137,658 |
Allocation of equity to noncontrolling interests in Station Holdco | 0 | 0 | |||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 0 | 0 | ||||||||
Noncontrolling Interest, Increase from Business Combination | 2,850 | 0 | 0 | ||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | 0 | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 12,790 | (233,244) | 0 | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | 47,942 | (141,277) | $ 137,658 | ||||||||
Noncontrolling Interest [Member] | |||||||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | (362,908) | |||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 14,915 | 128,387 | |||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | $ (4,975) | $ 1,277 |
Share-Based Compensation Text (
Share-Based Compensation Text (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||
May 31, 2016shares | Apr. 30, 2016USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,364 | $ 2,830 | |||
Share-based compensation | $ 3,500 | 7,922 | 6,893 | $ 19,726 | |
Share-based compensation expense | 7,922 | 6,893 | 19,726 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 0 | 18,739 | 0 | ||
Share-Based Compensation Plans, Prior To IPO | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 538 | $ 0 | |||
Fertitta Entertainment [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 18,700 | ||||
Common Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of profit units that may be issued | shares | 11,585,479 | ||||
Award vesting period, profit units | 7 years | ||||
Nonvested profit units, total compensation cost not yet recognized | $ 19,800 | ||||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 3 years 1 month | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 5,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonvested profit units, total compensation cost not yet recognized | $ 4,700 | ||||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 2 years 9 months | ||||
Employee Stock Option [Member] | Common Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 3,585,983 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 4,248,465 | 1,637,029 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 6.26 | $ 6.05 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.06% | 1.35% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 35.55% | 41.26% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 11 months 13 days | 4 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.79% | 1.99% | |||
Employee Stock Option [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 22.11 | $ 19.94 | |||
Employee Stock Option [Member] | Executive Officer [Member] | Common Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,687,205 | ||||
Restricted Stock [Member] | Common Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 295,739 | ||||
Restricted Stock [Member] | Employee Stock Option [Member] | Common Class A [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | ||||
Restricted Stock [Member] | Employee Stock Option [Member] | Common Class A [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||||
Restricted Stock [Member] | Director [Member] | Common Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
FE Profit Interests [Member] | Fertitta Entertainment [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period, profit units | 4 years | ||||
FE Profit Interests [Member] | Fertitta Entertainment [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period, profit units | 5 years | ||||
Station Holdco [Member] | Profit Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,200 | 7,800 | |||
FI Station Investor [Member] | FI Profit Interests [Member] [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 17,400 | ||||
Fertitta Entertainment [Member] | FE Profit Interests [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,100 | $ 8,900 |
Share-Based Compensation Weight
Share-Based Compensation Weighted Average Assumptions (Details) - Employee Stock Option [Member] - Common Class A [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.06% | 1.35% |
Expected volatility | 35.55% | 41.26% |
Expected life (in years) | 4 years 11 months 13 days | 4 years 9 months |
Dividend yield | 1.79% | 1.99% |
Share-Based Compensation Alloca
Share-Based Compensation Allocation of Recognized Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 7,922 | $ 6,893 | $ 19,726 |
Property, Plant and Equipment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 78 | ||
Casino | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 228 | 340 | 128 |
Food and beverage [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 40 | 21 | 0 |
Room [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 11 | 75 | 62 |
Selling, general and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 7,643 | $ 6,457 | $ 19,536 |
Share-Based Compensation Share
Share-Based Compensation Share Unit Awards Activity (Details) - Common Class A [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,248,465 | 1,637,029 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 52,886 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (128,258) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 19.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,585,983 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 21.88 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (846,289) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 21.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 21.29 | $ 19.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,987,296 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 21.39 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 49,248 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 261,169 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 19.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 5 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,637 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested units, beginning balance | 222,487 | |
Granted | 295,739 | |
Vested | (102,086) | |
Forfeited | (107,830) | |
Nonvested units, ending balance | 308,310 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested units, Weighted-average grant date fair value, beginning balance | $ 15.70 | |
Units granted, Weighted-average grant date fair value | 22.11 | |
Vested, Weighted-average grant date fair value | 11.37 | |
Forfeited, Weighted-average grant date fair value | 20.53 | |
Nonvested units, Weighted-average grant date fair value, ending balance | $ 21.60 |
Write-downs and Other Charges89
Write-downs and Other Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Losses on Asset Disposals and Nonroutine Transactions [Line Items] | |||
Gain (Loss) on Disposal of Property Plant Equipment | $ 6,700 | ||
Write-downs and other charges [Abstract] | |||
Transaction-related costs | $ 0 | 9,684 | $ 5,819 |
Loss on disposal of assets, net | 20,647 | 6,182 | 1,665 |
Other, net | 8,937 | 8,725 | 3,195 |
Write-downs and other charges, net | 29,584 | $ 24,591 | $ 10,679 |
Palms Casino Resort [Member] | |||
Losses on Asset Disposals and Nonroutine Transactions [Line Items] | |||
Gain (Loss) on Disposal of Property Plant Equipment | $ 11,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
May 31, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 | |
Net Income (Loss) Attributable to Parent | $ 29,509 | $ 11,780 | $ (25,920) | $ 19,783 | $ 20,403 | $ 8,272 | $ 5,653 | $ 57,639 | $ 35,152 | $ 91,967 | $ 137,658 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||||
Current portion of payable pursuant to tax receivable agreement | $ 17 | 1,021 | $ 1,021 | $ 17 | 1,021 | ||||||||||
Tax receivable agreement liability adjustment due to Tax Reform | 135,130 | ||||||||||||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | 22,761 | 213,247 | |||||||||||||
Deferred tax assets resulting from exchanges of noncontrolling interests | 24,610 | 223,000 | |||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 38,290 | 38,052 | |||||||||||||
Provision for income tax | 134,755 | $ 8,212 | $ 0 | ||||||||||||
deferred tax asset remeasurement due to Tax Reform | 85,300 | 85,300 | |||||||||||||
Operating Loss Carryforwards | 30,300 | 30,300 | |||||||||||||
Tax Credit Carryforward, Amount | 1,700 | $ 1,700 | |||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | |||||||||||||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | (4.93%) | (27.20%) | |||||||||||||
Current Federal Tax Expense (Benefit) | $ (1,436) | $ 1,233 | |||||||||||||
Current State and Local Tax Expense (Benefit) | 66 | 17 | |||||||||||||
Current Income Tax Expense (Benefit) | (1,370) | 1,250 | |||||||||||||
Deferred Federal Income Tax Expense (Benefit) | 133,321 | 6,614 | |||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 2,804 | 348 | |||||||||||||
Deferred Income Tax Expense (Benefit) | $ 136,125 | $ 6,962 | |||||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.24% | 0.06% | |||||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | (0.69%) | (0.14%) | |||||||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.54%) | (0.15%) | |||||||||||||
deferred tax asset remeasurement due to Tax Reform | 85,300 | $ 85,300 | |||||||||||||
impact of tax rate change due to Tax Reform | 43.15% | 0.00% | |||||||||||||
Tax receivable agreement liability adjustment due to Tax Reform | $ 135,130 | ||||||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0.39% | 0.81% | |||||||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (4.49%) | (3.65%) | |||||||||||||
Effective Income Tax Rate Reconciliation, Percent | 68.13% | 5.01% | |||||||||||||
Deferred Tax Assets, Investment in Subsidiaries | 159,272 | 256,983 | 256,983 | $ 159,272 | $ 256,983 | ||||||||||
Deferred Tax Asset, Tax Receivable Agreement | 30,296 | 91,144 | 91,144 | 30,296 | 91,144 | ||||||||||
Deferred Tax Assets, Gross | 189,568 | 348,127 | 348,127 | 189,568 | 348,127 | ||||||||||
Deferred Tax Assets, Valuation Allowance | (57,348) | (103,661) | (103,661) | (57,348) | (103,661) | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 132,220 | 244,466 | 244,466 | 132,220 | 244,466 | ||||||||||
Current portion of payable pursuant to tax receivable agreement | 17 | 1,021 | 1,021 | 17 | 1,021 | ||||||||||
Parent Company [Member] | |||||||||||||||
Tax Receivable Agreement, Estimated Tax Liability | 141,923 | 258,461 | 258,461 | 141,923 | 258,461 | ||||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 141,923 | $ 258,461 | 258,461 | 141,923 | 258,461 | ||||||||||
Station Holdco [Member] | |||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 30,400 | 26,500 | |||||||||||||
Station Holdco [Member] | |||||||||||||||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | ||||||||||||||
Station Holdco [Member] | Parent Company [Member] | |||||||||||||||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Parent Company [Member] | |||||||||||||||
Tax Receivable Agreement Basis Spread on Variable Rate Late Payments | 5.00% | ||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | 22,761 | 213,247 | |||||||||||||
Deferred tax assets resulting from exchanges of noncontrolling interests | 24,610 | 223,000 | |||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 38,290 | $ (38,052) | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Tax Receivable Agreement, Amount paid | $ 5,000 | ||||||||||||||
Income tax rate due to tax reform | 21.00% | ||||||||||||||
Tax Receivable Agreement, Amount paid | $ 5,000 | ||||||||||||||
Subsequent Event [Member] | Parent Company [Member] | |||||||||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 21,873 | ||||||||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 21,873 |
Acquisition of Palms Casino R91
Acquisition of Palms Casino Resort (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2017 |
Palms Casino Resort [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 10,506 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | 2,152 | ||
Business Combination, Consideration Transferred | 316,400 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 5,725 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,614 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 3,490 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 302,011 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,875 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (24,980) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 316,393 | ||
Land [Member] | Palms Casino Resort [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 35,033 | ||
Building and Building Improvements [Member] | Palms Casino Resort [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 253,192 | ||
Furniture, Fixtures and Equipment [Member] | Palms Casino Resort [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13,786 | ||
Trademarks [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,000 | ||
Customer-Related Intangible Assets [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,000 | ||
Customer Lists [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 800 | ||
Contract-Based Intangible Assets [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,000 | ||
Above Market Leases [Member] | Palms Casino Resort [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (1,925) | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Minimum [Member] | Contract-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Minimum [Member] | Above Market Leases [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 45 years | ||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Maximum [Member] | Contract-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Above Market Leases [Member] | Palms Casino Resort [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 900 | ||||
Defined Benefit Plan, Benefit Obligation | $ 13,728 | 14,130 | $ 13,728 | $ 14,689 | |
Defined Benefit Plan, Interest Cost | 131 | 536 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (205) | 940 | |||
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (334) | (464) | |||
Defined Benefit Plan, Other Cost (Credit) | (553) | (610) | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9,228 | 9,217 | 9,228 | $ 10,228 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (113) | 813 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 250 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (334) | (464) | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (4,500) | (4,913) | (4,500) | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (6) | 300 | (6) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,890 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 580 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 610 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,580 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,290 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 4,060 | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.85% | 4.15% | |||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ (86) | $ (192) | |||
Defined Benefit Plan, Service Cost | 0 | $ 0 | |||
Defined contribution 401(k) plan, employer matching contribution, percent of match | 50.00% | ||||
Defined contribution 401(k) plan, employee contributions subject to employer match (percent) | 4.00% | ||||
401(k) plan, expense for matching contributions | $ 4,100 | $ 3,400 | $ 3,400 | ||
Defined Benefit Plan, Net Periodic Pension Benefit Cost | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 13 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 45 | 357 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (6) | 319 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | (13) | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (6) | $ 306 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.30% | 5.80% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.15% | 3.60% | 4.15% | ||
Liability, Defined Benefit Plan, Noncurrent | $ 4,500 | $ 4,913 | $ 4,500 | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | 39 | 663 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 9,228 | 9,217 | 9,228 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,361 | 6,761 | 6,361 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,867 | 2,456 | 2,867 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | 0 | ||
Real Assets [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | ||||
Real Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 407 | $ 462 | 407 | ||
Real Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | ||
Real Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 407 | 462 | 407 | ||
Real Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | 0 | ||
Hedge Funds, Equity [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 10.00% | ||||
Hedge Funds, Equity [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 825 | $ 919 | 825 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 825 | 919 | 825 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | 0 | ||
International Equity [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.00% | ||||
International Equity [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,285 | $ 1,387 | 1,285 | ||
International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,054 | 1,106 | 1,054 | ||
International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 231 | 281 | 231 | ||
International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | 0 | ||
Domestic Income [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 21.00% | ||||
Domestic Income [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,942 | $ 1,902 | 1,942 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 188 | 189 | 188 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,754 | 1,713 | 1,754 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | 0 | ||
Fixed Income Investments [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 49.00% | ||||
Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,769 | $ 4,547 | 4,769 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,294 | 4,547 | 4,294 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 475 | 0 | 475 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
May 31, 2016 | Apr. 30, 2016 | Jun. 30, 2017 | Apr. 30, 2017 | Apr. 27, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2012 | |
Related Party Transaction [Line Items] | ||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 4,484,000 | $ 0 | $ 0 | |||||||
Payments to related party under operating leases | $ 2,300,000 | 7,100,000 | 6,900,000 | |||||||
Transaction-related costs | 0 | 9,684,000 | 5,819,000 | |||||||
Payments of Distributions to Affiliates | 0 | 389,149,000 | 0 | |||||||
Related Party Lease Termination | 100,343,000 | 0 | 0 | |||||||
Ground Lease, Lifetime Rental Payments | $ 300,000,000 | |||||||||
Provision for income tax | 134,755,000 | 8,212,000 | 0 | |||||||
Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 120,000,000 | |||||||||
Fertitta Entertainment [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Non-Recourse Secured Note Receivable | $ 15,000,000 | |||||||||
Notes Receivable, Interest Rate, Stated Percentage | 4.99% | |||||||||
Notes Receivable, Related Parties, Noncurrent | 17,600,000 | |||||||||
Interest Receivable | 2,700,000 | |||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,100,000 | $ 2,200,000 | ||||||||
Payments of Distributions to Affiliates | 389,100,000 | |||||||||
Station Holdco [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 112,500,000 | |||||||||
Frank J. Fertitta III and Lorenzo J Fertitta [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 9,200,000 | 9,200,000 | 21,600,000 | |||||||
Payments to Acquire Additional Interest in Subsidiaries | 44,600,000 | |||||||||
Executive Officer [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Tax Receivable Agreement, Estimated Tax Liability | 9,000,000 | 9,000,000 | ||||||||
LLC Unit Holder [Member] | Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Provision for income tax | $ (35,000,000) | |||||||||
Station Holdco [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 460,000,000 | |||||||||
Fertitta Entertainment [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 8,000,000 | |||||||||
Payments of Distributions to Affiliates | $ 500,000 | |||||||||
Boulder Station Lease [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ground Lease, Monthly Rental Payments | $ 14,000 | |||||||||
Minimum [Member] | Boulder Station Lease [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ground Lease, Annual Rent Increase | 3.00% | |||||||||
Maximum [Member] | Boulder Station Lease [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ground Lease, Annual Rent Increase | 6.00% | |||||||||
Parent Company [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 141,923,000 | $ 141,923,000 | $ 258,461,000 | |||||||
Parent Company [Member] | Red Rock Resorts [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Tax Receivable Agreement Realized Tax Benefits Payable To Related Parties, Percent | 85.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
May 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 49,956,000 | 80,335,000 | |||||||||||
Basic | 67,397,000 | 34,141,000 | 9,888,000 | |||||||||||
Income from continuing operations | $ 63,039 | $ 155,775 | $ 143,418 | |||||||||||
Income (loss) from continuing operations attributable to noncontrolling interests, basic, hypothetical allocation | (27,887) | (120,483) | (128,289) | |||||||||||
Income (loss) from continuing operations attributable to Parent, basic, hypothetical allocation | 35,152 | 35,292 | 15,129 | |||||||||||
Discontinued operations | 0 | 0 | (166) | |||||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests, basic, hypothetical allocation | 0 | 0 | 156 | |||||||||||
Income (loss) from discontinued operations attributable to Parent, basic, hypothetical allocation | 0 | 0 | (10) | |||||||||||
Net income | $ 46,011 | $ 22,308 | $ (50,494) | $ 45,214 | $ 41,100 | $ 33,444 | $ 21,728 | $ 59,503 | $ 66,658 | $ 89,117 | 63,039 | 155,775 | 143,252 | |
Income (loss) attributable to noncontrolling interests, basic, hypothetical allocation | (27,887) | (120,483) | (128,133) | |||||||||||
Income (loss) attributable to Parent, basic, hypothetical allocation | 35,152 | 35,292 | 15,119 | |||||||||||
Effect of dilutive securities on income (loss) from continuing operations attributable to Parent | (13,669) | 102 | 0 | |||||||||||
Income (loss) from continuing operations attributable to Parent, dilutive, hypothetical allocation | 48,821 | 35,190 | 15,129 | |||||||||||
Effect of dilutive securities on income (loss) from discontinued operations attributable to Parent | 0 | 0 | 0 | |||||||||||
Income (loss) from discontinued operations attributable to Parent, dilutive, hypothetical allocation | 0 | 0 | (10) | |||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share | 13,669 | (102) | 0 | |||||||||||
Net Income (Loss) Attributable to Parent, Diluted | $ 48,821 | $ 35,190 | $ 15,119 | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 48,533,000 | 144,000 | 0 | |||||||||||
Diluted | 115,930,000 | 34,285,000 | 9,888,000 | |||||||||||
Employee Stock Option [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,677,000 | 1,637,000 | 0 | |||||||||||
Restricted Stock [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,000 | 5,000 | 0 | |||||||||||
Station Holdco [Member] | Common Class A [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Conversion of Stock, Shares Issued | 10,137,209 | |||||||||||||
IPO [Member] | Common Class A [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 29,511,828 |
Commitments and Contingencies95
Commitments and Contingencies (Details) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Other Commitments [Line Items] | |||||
Area of Land | a | 408 | 408 | |||
Rent expense | $ 4,661,000 | $ 8,968,000 | $ 8,644,000 | ||
Boulder Station Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Ground Lease, Monthly Rental Payments | $ 14,000 | ||||
Wild Wild West Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Land Subject to Ground Leases | a | 20 | 20 | |||
Ground Lease, Monthly Rental Payments | $ 135,298 | ||||
After January 2020 [Member] | Wild Wild West Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Ground lease, period between rent adjustments | 3 years | ||||
Subsequent Event [Member] | Wild Wild West Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Ground Lease, Monthly Rental Payments | $ 138,680 |
Commitments and Contingencies96
Commitments and Contingencies (Future Operating Lease Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,057 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,084 |
Operating Leases, Future Minimum Payments, Due in Three Years | 5,079 |
Operating Leases, Future Minimum Payments, Due in Four Years | 4,487 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,431 |
Thereafter | 211,792 |
Total | $ 231,930 |
Segments (Details)
Segments (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | $ 394,021 | $ 400,370 | $ 403,493 | $ 417,732 | $ 394,554 | $ 347,140 | $ 351,486 | $ 359,247 | $ 1,615,616 | $ 1,452,427 | $ 1,352,135 | ||
Adjusted EBITDA | 496,364 | 484,442 | 451,414 | ||||||||||
Depreciation and amortization | 178,217 | 156,668 | 137,865 | ||||||||||
Share-based compensation | $ 3,500 | 7,922 | 6,893 | 19,726 | |||||||||
Asset impairment | 1,829 | 0 | 6,301 | ||||||||||
Write-downs and other charges, net | 29,584 | 24,591 | 10,679 | ||||||||||
Tax receivable agreement liability adjustment | (139,300) | 739 | 0 | ||||||||||
Related Party Lease Termination | 100,343 | 0 | 0 | ||||||||||
Adjusted EBITDA attributable to MPM noncontrolling interest | (15,262) | (14,675) | (14,192) | ||||||||||
Other | 1,000 | (1,133) | 3,203 | ||||||||||
Interest expense, net | 131,442 | 140,189 | 144,489 | ||||||||||
Loss on extinguishment/modification of debt | 16,907 | 7,270 | 90 | ||||||||||
Change in fair value of derivative instruments | (14,112) | (87) | 1 | ||||||||||
Provision for income tax | 134,755 | 8,212 | 0 | ||||||||||
Net income | 46,011 | $ 22,308 | $ (50,494) | $ 45,214 | 41,100 | $ 33,444 | $ 21,728 | $ 59,503 | $ 66,658 | $ 89,117 | 63,039 | 155,775 | 143,252 |
Assets | 3,619,610 | 3,526,155 | 3,526,155 | 3,619,610 | 3,526,155 | ||||||||
Payments to Acquire Productive Assets | $ 248,427 | 162,377 | 129,925 | ||||||||||
Las Vegas Operations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of Reportable Segments | Segment | 1 | ||||||||||||
Net revenues | $ 1,491,919 | 1,336,177 | 1,258,207 | ||||||||||
Adjusted EBITDA | 432,758 | 423,692 | 410,301 | ||||||||||
Assets | 3,017,323 | 2,883,733 | 2,883,733 | $ 3,017,323 | 2,883,733 | ||||||||
Native American Management [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of Reportable Segments | Segment | 1 | ||||||||||||
Net revenues | $ 117,968 | 110,962 | 88,277 | ||||||||||
Adjusted EBITDA | 95,897 | 87,259 | 66,622 | ||||||||||
Assets | 47,495 | 61,379 | 61,379 | 47,495 | 61,379 | ||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 1,609,887 | 1,447,139 | 1,346,484 | ||||||||||
Adjusted EBITDA | 528,655 | 510,951 | 476,923 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 5,729 | 5,288 | 5,651 | ||||||||||
Adjusted EBITDA | (32,291) | (26,509) | $ (25,509) | ||||||||||
Assets | $ 554,792 | $ 581,043 | $ 581,043 | $ 554,792 | $ 581,043 |
Quarterly Financial Informati98
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Table [Line Items] | |||||||||||||
Net revenues | $ 394,021 | $ 400,370 | $ 403,493 | $ 417,732 | $ 394,554 | $ 347,140 | $ 351,486 | $ 359,247 | $ 1,615,616 | $ 1,452,427 | $ 1,352,135 | ||
Operating income | 212,763 | 56,463 | (31,229) | 92,402 | 72,261 | 73,349 | 69,874 | 93,962 | 330,399 | 309,446 | 287,189 | ||
Income from continuing operations | 63,039 | 155,775 | 143,418 | ||||||||||
Discontinued operations | 0 | 0 | (166) | ||||||||||
Net income (loss) | 46,011 | 22,308 | (50,494) | 45,214 | 41,100 | 33,444 | 21,728 | 59,503 | $ 66,658 | $ 89,117 | 63,039 | 155,775 | 143,252 |
Net income (loss) attributable to Station Casinos LLC | $ 29,509 | $ 11,780 | $ (25,920) | $ 19,783 | $ 20,403 | $ 8,272 | $ 5,653 | $ 57,639 | $ 35,152 | $ 91,967 | $ 137,658 | ||
Earnings Per Share, Basic | $ 0.43 | $ 0.17 | $ (0.39) | $ 0.30 | $ 0.52 | $ 1.03 | $ 1.53 | ||||||
Earnings Per Share, Basic and Diluted | $ 0.35 | $ 0.16 | $ (0.39) | $ 0.30 | $ 0.42 | $ 1.03 | $ 1.53 | ||||||
Earnings Per Share, Basic and Diluted | $ 0.37 | $ 0.20 | $ 0.01 | $ 0.64 |
Schedule II- Valuation and Qu99
Schedule II- Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 103,661 | $ 0 |
Additions | 0 | 109,398 |
Deductions | (46,313) | (5,737) |
Balance at End of Year | $ 57,348 | $ 103,661 |
Uncategorized Items - stn-20171
Label | Element | Value |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 542,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 3,423,000 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (2,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (1,000) |
Common Class A [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 531,949,000 |
Common Class A [Member] | Common Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | 190,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | (19,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | $ 2,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 1,000 |
Common Class B [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 1,000 |